What is the legal definition of Security Deposit?
In the legal context, Security Deposit means Money paid to a landlord at the beginning of a lease to ensure the tenantÆs compliance with the terms of the lease. The money is held in trust by the landlord and may be used to cover costs resulting from any breach of the lease terms by the tenant, including damage to the property. If there are no such breaches, the money is refundable to the tenant at the end of the lease term.
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