A Security Deposit is not to be confused with the Application Fee. The Application Fee covers the immediate processing of your Application. In contrast, the Security Deposit is a contractual deposit on the apartment you will be renting.
Who Owns the Security Deposit?
The money of a security deposit is essentially owned by you, but held in possession by Basham Rentals as the Landlord for the entire term of your lease, and is considered insurance against standard issues related to your apartment. If no issues arise, you will be returned your full deposit at the end of the lease, within 45 days of move out and inspection.
How Do I Get the Security Deposit Back?
The Security Deposit essentially belongs to the Tenant and is refundable to the Tenant, minus any deductions for cleaning fees, damage to the apartment beyond fair use, breaches of the lease agreement, unpaid rent, utility charge backs, etc. If Basham Rentals does not return the full amount of the Security Deposit at the end of the lease, we as the Landlord will provide the Renter with the reasons why and an itemized list of deductions from the full amount, and will return the balance after the deductions.
How Much Is the Security Deposit?
The Security Deposit is equal to the amount of one monthly rent payment and is provided in advance of moving in. In the case of renters with roommates, each roommate will be responsible for their share of the Security Deposit at the time of the Lease Signing. At that time, also, each person on the lease (each roommate) must provide a Permanent Address for the Security Deposit Return in the future after Move Out Date.
When Will I Get My Security Deposit Back?
Security Deposits will be returned within 45 days of vacating the property at the end of the Lease.
When and How Do I Make the Security Deposit?
The Security Deposit must be made at the time of the Lease signing. We accept cash, check, money order or cashier’s check for the Security Deposit.