Property Management
When a Utah landlord receives a security deposit, they should provide the tenant with:
AA full accounting within 30 days
BA written receipt and information about where the deposit is held, if required by lease terms✓ Correct
CAn interest payment on the deposit annually
DA copy of the landlord's trust account statements
Explanation
Best practice (and often required by Utah leases) is to provide written documentation of the security deposit, including amount received and where it will be held. Utah law requires return or accounting of the deposit within 30 days of lease termination.
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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.
State-Specific Concepts
Trust Account Rules
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