Property Management
Under Pennsylvania's Landlord-Tenant Act, the maximum security deposit a landlord may collect in the first year of tenancy is:
AOne month's rent
BTwo months' rent✓ Correct
CThree months' rent
DNo statutory limit
Explanation
Pennsylvania limits security deposits to two months' rent for the first year of tenancy. After the second year, the maximum is one month's rent.
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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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