Property Management
Washington state law requires landlords who collect a security deposit to provide tenants with a written:
ANotice of the bank where the deposit is held
BMove-in inspection checklist documenting the unit's condition at the time of move-in✓ Correct
CLease renewal offer within 30 days of move-in
DMonthly accounting of the deposit
Explanation
Under RCW 59.18, Washington landlords who collect a security deposit must provide a written checklist (move-in inspection report) documenting the condition of the unit before or at the time of move-in.
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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.
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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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