THIS FACT MICAH MADE IS VERY IMPORTANT! MAKE SURE YOU UNDERSTAND THIS! please ask questions if you dont understand this.
Just a reminder IN California the Security Deposit Law is as follows:Unfurnished Maximum deposit: 2 X RENT so if rent is $1 you can only charge $2 for deposit so Tenant brings $3 to get lease and keys. If Tenant has waterbed ( and you are dumb enough to allow tenant to bring waterbed) then: 2.5 X RENT so if rent is $1 you can only charge $2.5 for deposit so Tenant brings $3.5 to get lease and keys. Furnished Maximum deposit: 3 X RENT so if rent is $1 you can only charge $3 for deposit so Tenant brings $4 to get lease and keys. If Tenant has waterbed ( and you are dumb enough to allow tenant to bring waterbed ) then: 3.5 X RENT so if rent is $1 you can only charge $3.5 for deposit so Tenant brings $4.5 to get lease and keys. BUT I FOUND A LOOPHOLE: The law states that if the lease is for 6- months or more then you can make tenant PREPAY 6-months of rent so that = ( for an unfurnished apartment ) $1+$2 + $6= $9 to move in. So that means if rent is $1000, you can charge $2000 deposit and require another $6000 prepay = $9000.
Now you can see why different words are so important. Cause if you tell a judge that you charged a non-refundable deposit instead of a fee then you will loose!
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