Property Management
A Vermont landlord may deduct from a security deposit for:
ANormal wear and tear
BUnpaid rent and damage beyond normal wear and tear✓ Correct
CAny cleaning expense regardless of condition
DFuture repairs the landlord plans to make
Explanation
Vermont landlords may deduct from the security deposit for unpaid rent, actual damage beyond normal wear and tear, and breach of the rental agreement — but not for ordinary wear and tear.
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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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