Property Management
A North Dakota property manager handling a tenant security deposit deduction for cleaning must:
AOnly note it verbally when the tenant moves out
BProvide an itemized written statement of deductions with documentation within the required timeframe✓ Correct
COnly return the full deposit without explanation
DDeduct any amount without documentation
Explanation
North Dakota law requires landlords who make security deposit deductions to provide the tenant with an itemized, written statement specifying each deduction and its amount. This statement and any remaining deposit must be provided within 30 days of tenant move-out.
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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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