Property Management
Under New York's Tenant Protection Act (2019), the maximum amount a landlord can charge for a residential security deposit in most cases is:
ATwo months' rent
BOne month's rent✓ Correct
CThree months' rent
DSix weeks' rent
Explanation
The Housing Stability and Tenant Protection Act (HSTPA) of 2019 capped residential security deposits at one month's rent for most New York tenants. This applies to both regulated (rent-stabilized) and unregulated apartments.
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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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