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Do Security Deposits Bind Leases?

Do Security Deposits Bind Leases?

A security deposit is given to the landlord at the time a lease is signed or before signing the lease to hold a property. The deposit is used by the landlord in the event there is damage to the property, which is not normal wear and tear, or the deposit is refunded to the customer in full. When the security deposit is paid, there is the question of whether the contract is binding. Since the lease or an agreement is signed at the time a deposit is given, the lease is binding, but it is due to the signature on the lease rather than the deposit.

Deposit With a Lease

    When signing a lease, the deposit is given to the manager or apartment complex. The amount varies depending on the state, but usually a deposit is no more than two months of rent. Once the lease is signed, the deposit is set aside as a security against breaking the lease or damaging the property. A signed lease is legally binding.

Deposit With Other Agreements

    If the deposit is given with another agreement, such as a holding agreement, the deposit is designed to hold the apartment rather than lease the apartment. In general, if both parties agree to back out of the agreement and a lease is not signed, the security deposit is not binding to a lease.

Deposit With No Agreement

    When a deposit is given but no agreement is signed, the situation will determine whether the lease is binding. For example, an oral agreement to rent the apartment is still an agreement and is legally binding. If the oral agreement was to hold the apartment or does not mention that the deposit is for a lease, it is not legally binding.

Agreement Fine Print

    When giving a security deposit for rent, always read the fine print and the agreement thoroughly. The terms of the agreement determine whether the security deposit is binding. For example, if the agreement is to hold an apartment, but has a concession to back out of leasing, provided both sides agree or the security deposit is forfeited, then the agreement makes a concession to back out. If a lease is signed, the lease is binding due to the signature on the lease. In the case of an oral agreement, it is best to avoid giving a deposit because the agreement is not in writing and there is no fine print.


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