Property Management
Under Iowa's URLTA, the maximum security deposit a landlord may collect from a residential tenant is:
A1 month's rent
B2 months' rent✓ Correct
C3 months' rent
DThere is no statutory limit
Explanation
Iowa Code Chapter 562A limits security deposits for residential rentals to a maximum of 2 months' rent. The landlord must return the deposit (less lawful deductions) within 30 days after the tenancy ends.
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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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