Liberty University Commuter Guide
Security Deposits
- What? A security deposit is money paid in advance (or with the 1st month’s rent) and held by the landlord for the length of the lease
- Why? To guard against losses incurred due to damage — not from normal wear & tear
- How much? 1-2 month’s rent
- When is it returned? Within 45 days of the end of the lease
- How? Landlord must return money owed and provide an itemized list of all deductions taken. If lease is for 13 months or more, interest must be paid as well. Be sure to provide a send-to address.
Protect Your Deposit: Use a Damage Checklist
Complete a “Damage Checklist” to note the condition of the carpets, appliances, walls, etc…before moving in to protect your security deposit against damage claims. Make sure your landlord walks through with you and you both sign the form. Forms can be found on the Commuter Affairs web page.
Download a sample checklist (PDF).
