5 Things to Know Before You Pay Security Deposit In Chicago

Are you looking for a rental property in Chicago? That’s good! But, do you have a clear understanding of the security deposit? It’s nothing but a sum of money given by a tenant to his/her landlord before entering a rental property. Well, as a tenant, there are several important things to know before you pay a security deposit in Chicago. And that’s what this article has brought out. So, keep on reading!

Crucial Things to Know About Security Deposit

Here are a few crucial things you need to know about the security deposit.

1. How Would You Pay Your Security deposit?

You need to pay your security deposit before signing the lease. You can make your payment via cheque or electronic payment. So, before renting a property, make sure that you are prepared to pay a security deposit. And it’s a must to go through the lease carefully.

2. What Is The Amount Of Security Deposit?

The security deposit is usually equal to one month’s rent. So, keeping this in mind, calculate how much amount you would pay to your landlord before moving in. Most landlords in Chicago require a security deposit with the first month’s rent before giving keys.

3. When Would You Get Your Security deposit back?

Your landlord will return your security deposit after you move out. According to the rule, a landlord has to give this money within 30 days since the day of moving out. And make sure you have given a new address to your landlord.

4. Would You Lose Your Security deposit if you are evicted?

You wouldn’t lose your security deposit. But your landlord can deduct from your security deposit to cover the unpaid rent. Besides, it includes utility charges, other financial obligations, etc. And if you are evicted by your landlord, you can owe rent until you move out.

5. What To Do If You Don’t Get Your Security Deposit Back?

If you don’t get your security deposit back on time, you should send a demand letter to your landlord. And if it still doesn’t work, you will have no option other than appointing a lawyer. The lawyer will handle your case and give your money back as early as possible.

Appoint a Security deposit Lawyer from Here

You can contact Mark Silverman Law Office Ltd. Here, the lawyers have handled many cases regarding security deposit in Chicago. Their charge is reasonable. Visit depositlaw.com to know more.