4 Things to Know Before You Pay a Security Deposit in Chicago

Security deposit is a sum of money that a tenant pays before taking possession of a rental property. It’s mandatory in Chicago to pay it. But you must be well aware of several things before you make payment.

However, this article has brought a detailed study of it. So, before you take an apartment on rent, and pay a security deposit in Chicago, read the following passage.

Significant info about a security deposit

Check out the following points before you pay a security deposit to your landlord.

1. Do you have to pay it with your first-month rent?

The landlords usually take security deposit with first month’s rent. They need a security deposit to make you confined in a rental agreement. And they take first month’s rent to ensure that the tenant will pay rent every month.

2. What may landlord deduct from a security deposit?

The lease involves the terms of your move-out. Besides, it includes what a landlord expects from you to recover the property if any damage occurs. However, your landlord may deduct money from your deposit if you
• Fail to abide by the lease restrictions.
• Leave your belongings.

3. Is a security deposit refundable?

Yes, your landlord will return the security deposit in full amount. But you need to meet the requirements of lease termination. Besides, if your landlord agrees that his property is the same as it was when you entered, you will get your security deposit back.

4. Can your landlord charge more than your security deposit?

If there is any damage occurs in a property, your landlord may charge more to fix it. Hence, to avoid pay extra, don’t create any damage to flooring, walls, railings, etc. If you create any whole on a wall to hang a picture, make sure you have patched it up before you move out.

However, if you face any difficulty to get your security deposit back, you must appoint a lawyer.

A trusted law firm to contact

You can contact Mark Silverman Law Office Ltd. From here, you can appoint a lawyer to get back your security deposit in Chicago. Click on depositlaw.com to know more.