Property Management
A Rhode Island landlord fails to return a tenant's security deposit within the required timeframe without justification. The landlord may be liable for:
ANothing unless the tenant sues
BDouble the amount wrongfully withheld plus attorney's fees✓ Correct
COnly the original deposit amount
DA fine payable to the state of Rhode Island
Explanation
Under Rhode Island landlord-tenant law, a landlord who wrongfully withholds a security deposit may be liable for double the amount wrongfully withheld plus reasonable attorney's fees.
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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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