Property Management
Under the VRLTA, a landlord who fails to return the security deposit with an itemized deduction statement within 30 days forfeits the right to:
AFile an unlawful detainer action
BKeep any portion of the security deposit and may owe damages to the tenant✓ Correct
CRaise the rent
DRenew the lease
Explanation
If a Virginia landlord fails to return the security deposit with an itemized statement within 30 days, they forfeit the right to retain any portion and may be liable for up to twice the wrongfully withheld amount.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA 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.
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