FOLIO Ontology

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Security Deposit

IRI:
https://folio.openlegalstandard.org/R9OVtNYUqPXyvuaZmEggp6w
Preferred Label N/A
Alternative Labels
Damage Deposit Lease Deposit Rental Deposit Tenancy Deposit

Definition

A security deposit is a sum of money held by a landlord or lessor as collateral to cover potential damages or unpaid rent by a tenant or lessee. It is typically refundable if the terms of the lease are met and no damages occur.

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