Property Management
In Delaware, the maximum security deposit a residential landlord can collect from a new tenant is:
AOne month's rent
BTwo months' rent✓ Correct
CThree months' rent
DThere is no limit
Explanation
Under the Delaware Residential Landlord-Tenant Code, the maximum security deposit for a new tenant is equal to one month's rent for the first year of tenancy; after one year, additional deposits cannot be demanded.
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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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