A security deposit is generally required at the time of signing your lease to the property. The security deposit cannot be more than two month’s worth of rent and it may be used by the landlord/manager to pay for back rent or damages that are not reasonable wear and tear. It would be advisable that you be present during the move-out inspection.
The landlord/manager has to inform the tenant if he will need to use the security deposit for back rent or damages before the date of usage. A list of itemized listing of expenses should also be provided to the tenant.
Please keep in mind that the lease you are signing to your rental is a legally binding document for both parties. Make sure to read the lease thoroughly and understand the document. If you have any questions about the lease make sure to ask another person who might know a bit more about the topic before signing the lease.
The payment of rent should be stated in the lease contract. The details on how to pay and to whom to pay should also be covered. Anything that you and the landlord/manager talked about should be included in the lease contract. A thorough inspection of the property is advised so you are aware of any existing damages or problems.
Pay attention to any legal restrictions stated in the lease because breaking a restriction could pose a violation of the lease and may cause the landlord to take legal action to terminate the lease. Make sure you are aware of the terms and conditions in breaking a lease. A fine can be imposed on you if you do not follow the terms and conditions.