Property Management
Under Minnesota's Landlord-Tenant Act, a landlord who wrongfully withholds a security deposit faces a penalty of:
AReturning only the original deposit amount
BReturning up to twice the amount wrongfully withheld, plus attorney fees in court-awarded cases✓ Correct
CA fine payable to the state
DLoss of their real estate license
Explanation
Under MN Statute 504B.178, if a landlord wrongfully withholds a security deposit (fails to return it or provide proper itemization within 21 days), the tenant may recover up to twice the amount wrongfully withheld in a civil action, plus court costs and attorney 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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