Property Management
In Utah, a security deposit for a residential rental unit may be retained by the landlord for:
AAny reason the landlord chooses
BUnpaid rent, damage beyond normal wear and tear, and other costs specified in the lease✓ Correct
CThe cost of repainting regardless of condition
DAdministrative fees at the end of the tenancy
Explanation
Utah allows landlords to deduct from security deposits for unpaid rent, actual damages beyond normal wear and tear, and other costs specified in the lease. Normal wear and tear—minor scuffs, carpet wear from regular use—cannot be charged against the deposit.
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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.
Math Concepts
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