Property Management
A Michigan landlord who fails to properly return a security deposit within the statutory period may owe the tenant:
AOnly the deposit amount
BDouble the amount of the wrongfully withheld deposit✓ Correct
CNothing if the landlord can justify all deductions eventually
DThe deposit plus one month's free rent
Explanation
Under Michigan's Security Deposit Act, a landlord who fails to return the deposit or provide proper notice within 30 days forfeits the right to make any deductions and may owe the tenant double the wrongfully 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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