A landlord in Evansville collects a $900 security deposit from a new tenant. The tenant's lease runs for one year. At move-out, the landlord sends a written itemized statement within 45 days listing $350 in deductions for carpet replacement and $150 for repainting. Which of the following amounts must the landlord return to the tenant?
Correct Answer
C) $400, because the landlord properly deducted $350 for carpet and $150 for repainting from the $900 deposit
Under IC 32-31-3-12, a landlord may deduct from the security deposit for damages beyond normal wear and tear, unpaid rent, and other lease violations, provided an itemized written statement is delivered within 45 days. Here, the landlord deducted $350 + $150 = $500 from the $900 deposit. The remaining $400 must be returned. Since the itemization was provided timely, the deductions are properly made (assuming they are for legitimate damages beyond normal wear and tear).
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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