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What is lease protect?
Market level security deposits remain below historical levels and are inadequate to cover the cost of lease breaks and damages. ... Eastern covers the community if the resident breaks any term or condition of the lease.
What is lease protect fee?
Eastern Solutions — Lease Protect. Market level security deposits remain below historical levels and are inadequate to cover the cost of lease breaks and damages. Change this dynamic by offering your residents a low-cost security deposit alternative.
How does a security deposit work?
A security deposit is a deposit of money to the landlord to ensure that rent will be paid and other responsibilities of the lease performed (e.g., paying for damage caused by the tenant). The laws surrounding these deposits vary from state to state; this is a general overview.
Why do you pay a security deposit?
A security deposit is a deposit of money to the landlord to ensure that rent will be paid and other responsibilities of the lease performed (e.g., paying for damage caused by the tenant).
Does a security deposit go towards rent?
As mentioned above, a security deposit is the landlord's reassurance that you will pay rent and cover any self-made damages to the home. A lease that states the security deposit is to be considered last month's rent can only be used toward the rent, not cleaning or fixing up the apartment.
How does deposit work?
A security deposit is a sum of money that a tenant pays a landlord before moving into a rental property. The amount is usually based on the monthly rent amount. The amount is often equivalent to one or two months of rent. This may also be based partially on your credit score.
How much is security deposit?
If the monthly rent of your unit is $1,000, the most you can charge as a security deposit is $2,000, or two months' rent.
Do you pay deposit and first month's rent at the same time?
Do I have to pay the deposit and first month's rent at the same time? This is ultimately up to your landlord, but often the answer is yes. ... Likewise, they'll need your first month's rent upfront to ensure that you can pay rent every month, on time.
Does deposit count as first month's rent?
You should collect first month's rent after the lease is signed, but before you provide your tenant the keys. ... If they don't pay first month's rent, you do not need to provide keys to move in. This is why it's crucial your lease states that first month's rent and the security deposit are to be collected before move-in.
When should a tenant pay the deposit?
Often the security deposit is paid when the lease or month-to-month rental agreement is signed. Very rarely a landlord might agree to work with the tenants and allow partial payment of the security deposit before moving in. In most such cases, the rest of the deposit is due over the next month or two.
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