Property Management
Under the VRLTA, a landlord who wrongfully withholds a security deposit may be liable to the tenant for:
AThe deposit amount only
BTwice the deposit amount plus attorney's fees✓ Correct
CThe deposit amount plus one month's rent
DThree times the deposit amount
Explanation
Under the VRLTA (Code § 55.1-1226), if a landlord wrongfully withholds a security deposit, the tenant may recover the amount wrongfully withheld, plus penalty of 10%, plus court costs and attorney's fees.
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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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