Property Management
Under Georgia law, a landlord must return the security deposit or provide an itemized deduction list within 30 days. If the landlord fails to do so, the landlord may be liable for:
ADouble the deposit amount
BThree times the amount wrongfully withheld✓ Correct
CThe deposit amount plus interest
DThe deposit amount only
Explanation
Under Georgia's Security Deposit Act, a landlord who wrongfully fails to return a security deposit or fails to provide a timely itemization may be liable for three times the wrongfully withheld amount plus attorney's fees.
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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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