What is My Security Deposit Used For?
According to the terms of the lease that we use, the security deposit that you provide when your application was accepted is held in escrow on your behalf. We hold it for the duration of your occupancy of the home. Under Maryland law, you cannot use your security deposit to pay your last month’s rent. Your security deposit is intended to be returned in full to you, with interest that is paid by the property owners. This, of course, assumes that you fully-paid all rent and other fees that are when your lease ends. You also need to follow the instructions in our Tenant Move-Out Check List. If there are damage or unresolved issues at the end of your lease, your security deposit is used to pay for those to return the property to its pre-occupancy condition.
You are responsible for having the carpets professionally cleaned when they move out. This does not mean renting a machine and doing it yourself. In addition, you are responsible for returning all keys (door keys, garage door openers, mailbox keys, and parking permits). All of your utilities need to be terminated (transferred to us) and you need to pay the final bills. You must provide us with proof that the final water bill was paid. This is the only utility that is ultimately the homeowners’ responsibility. The other utilities (PEPCO, SMECO, Washington Gas, etc.) will collect any funds owed directly from the tenants. We know from past experience that these utilities will track down tenants who leave a home with delinquent accounts.
Finally, we need for you to provide us with your forwarding address so that the security deposit can be returned. Keep in mind that if the security deposit you provided does not cover all of the outstanding amounts due, the landlord reserves the right to file legal action against you to recover those funds.