Property Management
Under Ohio landlord-tenant law (ORC Chapter 5321), a landlord must return a security deposit within:
A14 days after the tenant vacates
B30 days after the tenant vacates✓ Correct
C45 days after the tenant vacates
D60 days after the tenant vacates
Explanation
Under ORC 5321.16, an Ohio landlord must return the tenant's security deposit (with an itemized written statement of deductions, if any) within 30 days after the tenant vacates.
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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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