Deposit & Key Money
Deposit & Key Money
A deposit secures obligations such as unpaid rent, with the balance returned after move-out settlement. Key money is normally a non-refundable signing cost.
Sources checked
Separate the deposit from signing costs
A deposit secures obligations such as unpaid rent; the balance is returned after valid deductions. Key money is normally non-refundable. A listing with neither may still have other charges.
For comparison, list the deposit separately from spending such as key money and cleaning charges. Review both the cash needed to sign and the move-out conditions.
Check the basis for move-out deductions
Ordinary wear and aging differ from tenant-caused damage. Review cleaning and fixed-deduction clauses separately; a restoration clause alone does not establish a duty to renovate everything.
Keep move-in photos, move-out records and an itemized settlement. When querying a deduction, identify the charge, the relevant clause and the amount.
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Practical checklist
- Separate the deposit, key money and cleaning fees, with refund terms.
- Ask about fixed deductions, amortization and cleaning clauses before signing.
- Photograph the condition at move-in and review the final settlement.
References
Prepared from official and public sources. Checklists are ELB reading aids; confirm specific application, fee and contract terms with the relevant organization.