Property Management
Under Connecticut law, a residential landlord may charge a maximum security deposit of:
AOne month's rent
BTwo months' rent (or one month's rent if the tenant is 62 or older)✓ Correct
CThree months' rent
DAny amount negotiated between the parties
Explanation
CGS § 47a-21 limits security deposits to a maximum of two months' rent for most residential tenants. However, if the tenant is 62 years of age or older, the maximum deposit is one month's rent.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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