What are the laws regarding security deposits?
In Tennessee, landlord and tenant laws dictate that a landlord is required to return a tenant’s security deposit within 30 days after the tenant has left the rental property. This is provided that the tenant does not owe any money to the landlord, has given proper notice of their intent to vacate, and returned the rental property in the same condition it was in when the tenant moved in (minus normal wear and tear). Even if the tenant does owe the landlord money, the landlord must still refund any amounts that exceed the tenant’s debt. In Tennessee, security deposits are capped at no more than two months’ rent for unfurnished rentals, and up to three month’s rent for furnished rentals. Additionally, if the landlord fails to refund the tenant’s security deposit within the allotted 30 days, the landlord must pay the tenant a penalty of one month’s rent. Landlords in Tennessee are also required to provide tenants with a written notice in regard to their security deposit. This notice must include information about the amount of the security deposit, where the security deposit is being held, and whether the tenant can receive interest on the security deposit. In Tennessee, the landlord must place the funds from the security deposit in a separate bank account in Tennessee and keep the deposit only for use in the event of damage to the rental property. The landlord cannot use the security deposit as a payment of rent, and the funds must be returned to the tenant at the end of the tenancy.
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