Property Management
Under ORLTA, what is the difference between a 'pet fee' and a 'pet deposit' in Oregon rental housing?
ABoth are identical terms for the same charge
BA pet fee is a non-refundable charge for having a pet; a pet deposit is refundable (subject to deductions for damage) and held in trust like a security deposit✓ Correct
CA pet fee is only charged once; a pet deposit is charged monthly
DPet deposits are required; pet fees are optional
Explanation
Under ORLTA, a pet fee is a non-refundable charge for having a pet (a one-time or periodic payment). A pet deposit is refundable (less any damage caused by the pet) and must be handled like a security deposit — held in trust and returned within 31 days with accounting.
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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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