Property Management
In Delaware, what is the maximum security deposit a landlord may collect for a residential lease?
AOne month's rent for all tenancies
BOne month's rent for leases of one year or more; no more than two months' rent for month-to-month tenancies✓ Correct
CTwo months' rent for all tenancies
DThree months' rent for tenancies of two years or more
Explanation
Under Delaware's Residential Landlord-Tenant Code, the security deposit is limited to one month's rent for leases of one year or more, and no more than two months' rent for month-to-month tenancies. The security deposit must be returned within 20 days after the tenant vacates, minus any legitimate deductions.
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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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