What are the laws regarding security deposits?

In Virginia, the laws regarding security deposits are in place to protect both landlords and tenants. A security deposit is a sum of money that is held by the landlord to cover any damages done to the property during the tenant’s occupancy. The Virginia Residential Landlord and Tenant Act states that a landlord may not charge more than two months’ rent as a security deposit. Any amount collected over two months’ rent must be returned to the tenant. In addition, the landlord is required to place any security deposit in an escrow account within 45 days of the tenant’s occupancy. The landlord must also inform the tenant in writing of the name and address of the institution where the security deposit is held, the amount of the deposit, and the terms and conditions of the deposit. Additionally, the landlord must provide the tenant with a written notice of their right to inspect the premises prior to leaving. The notice should also include information on how to get a refund of the security deposit. At the end of the tenancy, the landlord must provide the tenant with an itemized statement of deductions for any damages. If the deductions are greater than the security deposit, the landlord must inform the tenant of the remaining balance due. The landlord must also provide the tenant with a refund of any remaining security deposit within 45 days of the tenant’s move-out date. If the landlord fails to do so, the tenant may pursue legal action.

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