Things That You Need to Know About the Security Deposit in Chicago
Let’s read it!
A Written Receipt is Required
When your landlord receives a security deposit from you, the landlord has to give you a signed receipt for the deposit. The written receipt should include the date, the amount, and the names of the landlord and you. In case of digital payments, the digital receipt has to mention the same.
The Deposit Must Earn Interest
Your landlord must place the security deposit in an interest account, and the deposit needs to be in a federally insured bank account. If you held that rental property for more than six months, the interest must be paid annually. The comptroller of Chicago sets the interest rate every year. You should gain information from there.
The Deposit Must Be Held in a Separate Account
Your landlord is not allowed to mix your security deposit in Chicago with their personal money. The deposit must be kept in a separate account. This approach will make it safe from the creditors of your landlord. If that person fails to do that, it will be a violation of the security deposit law.
Your landlord can only deduct money from your security deposit for massive damage that goes beyond small wear and tear and unpaid rent. Remember, that person cannot charge you for repainting or regular cleaning.
Let’s Get Your Security Deposit Back Easily!
Are you experiencing any violations from your landlord regarding the security deposit in Chicago when it comes to moving out? If yes, contact Mark Silverman Law Office Ltd. They can help you get your security deposit back. What are you waiting for? Call the professionals now, and for more details, visit depositlaw.com today.