Module 3 – CMA, Short and Longterm Agreements

A security deposit is usually in the amount of one or two months’ rent. It usually must be paid at the time that the Landlord and Tenant sign the lease. A non-refundable security deposit, which is allowed in some states, is a portion of the deposit that you, the property owner, retain no matter what’s allowed by state law.

The most common lease terms are for 6 months, 9 months, or 12 months, and the majority of leases are written to automatically convert to a month-to-month rental agreement after the expiration of the initial term. However, some leases are for fixed terms, and the owner and tenant must agree to sign a new lease for the tenant to stay