Normal wear and tear include small holes for painting, minor chips or scratches, faded wallpaper or paint, faded carpets, mildly scuffed wooden floors, and doors sticking. The security deposit cannot be used to repair these damages.
As part of this Agreement, the Tenant will deposit the sum of $ (insert amount) with the Landlord as a security deposit for any damage caused to the Premises during the term hereof. The Tenant is required to pay the Security Deposit upon the execution of this Agreement and before taking occupancy of the Property.
The security deposit will be administered in accordance with North Carolina General Statutes, § 42 – 50, et. seq. The deposit may, at the discretion of the Landlord, be deposited into an interest-bearing bank account, listed below. Any interest earned on the security deposit will accrue for the benefit of, and will be paid to, the Landlord.
Bank Account: (Enter interest-bearing account details)
The Landlord will refund the tenant the entirety of the security deposit, less any funds retained to cover unpaid amounts due to the Landlord under this agreement within 30 days. The Landlord will also provide an itemized statement if any part of the security deposit is used to cover owed fees or repair damages to the property.
The Landlord will not charge the cost of repair or cleaning unless necessitated beyond the ordinary wear and tear on the Property against the security deposit.