Check Your Understanding Answers
- Define a security deposit.
A security deposit is money that a tenant deposits with the owner of the apartment, in advance of possession, for the repair of any damages to the apartment for which the tenant is responsible.
- What is the maximum allowed security deposit in California?
- For an unfurnished rental, 2 months' rent
- For a furnished rental, 3 months' rent
- Within what timeframe must a landlord refund the security deposit on a residential lease?
In California, a landlord must refund the security deposit minus any charges for damages within 21 days of the tenant moving out.
- What are the main differences between subleasing and assignment?
In subleasing, the tenant transfers a portion of the leasehold interest to another party. The original tenant remains primarily liable for the original lease with the landlord. The subtenant is liable only to the original tenant.
With an assignment, the tenant transfers the entire leasehold interest to a third party. The assignee becomes primarily liable for the lease and rent, and the original tenant remains secondarily liable.