Security-deposit meaning

An amount of money that is put forth as a guarantee or protection that property will be protected or a contract fulfilled. For instance, security deposits often are made when renting property. A security deposit also may be made in order to assure that a buyer will fulfill the contract.
0
0
Money held by a landlord to ensure that the tenant abides by the lease agreement and does no damage to the property above normal-use wear. It is a fund from which the landlord may draw to make repairs, if necessary, upon termination of the lease; any pledge of property or money of a debtor to acquire an obligation. See also obligation.
noun
0
0
An amount of money paid in advance as security against the payor's non-performance of a contractual obligation.

The landlord demanded one month's security deposit for rent, another for damage to the apartment, and one month's rent in advance.

noun
0
0
Advertisement