A tenant in Norfolk, Virginia gives proper written notice and vacates her rental unit on March 31. The landlord inspects the unit, finds minor carpet staining, and decides to retain a portion of the security deposit. By what date must the landlord provide the tenant with an itemized written statement of deductions and return any remaining deposit funds?
Correct Answer
C) April 30 (30 days after vacating)
Under Va. Code § 55.1-1226, a landlord must return the security deposit along with any required itemized written statement of deductions within 30 days after the tenancy terminates and the tenant vacates. Since the tenant vacated on March 31, the deadline is April 30.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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