Property Management
A Georgia landlord who wrongfully withholds a tenant's security deposit without providing an itemized statement within 30 days faces:
AA. A fine of $100 payable to the county
BB. Forfeiture of the right to retain any of the deposit and potential liability for double the deposit amount✓ Correct
CC. License revocation if the landlord is a licensee
DD. A 30-day extension to provide documentation
Explanation
Under Georgia's Security Deposit Act, failure to return the deposit or provide an itemized statement within 30 days results in the landlord forfeiting all rights to the deposit. Tenants may sue for double the improperly withheld amount.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA 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.
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