Property Management
Under the VRLTA, a landlord must provide a tenant with a written itemization of security deposit deductions within:
A14 days of lease termination
B30 days of tenancy termination✓ Correct
C45 days of the tenant's move-out
D60 days of receiving the tenant's forwarding address
Explanation
Virginia law requires landlords to provide a written itemization of deductions and return the remaining deposit within 30 days of tenancy termination and the tenant vacating the property.
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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
DRE Regulation
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