Difference Between a Deposit and a Fee The difference between a deposit and a fee is that one is refundable and the other is not. A deposit is an amount of money that a tenant must pay before or at the time he/she moves in. The deposit is often refunded at the end of the rental period if it was not used to compensate the landlord for damage or repair. Security deposits, by their very nature, must be refunded, unless they are used to offset money that the tenant owes to the landlord -- such as for back rent. A fee is an amount of money that a tenant pays to the landlord for his or her use. There is a difference between a pet fee and a pet deposit. The terms are not interchangeable. A pet deposit is just that, a deposit. Money used to hold and apply toward damages for the pet (just as a security deposit is money used to hold and apply toward damages to the unit). Pet deposit money in excess of any pet damages is refundable. A pet fee is only money paid for the ability to have a pet. It is not applied toward anything. It is not refundable. It represents extra money the landlord requires to make up for the extra wear and tear on the unit. This wear and tear is not to be confused with damages.
Posted on: Thu, 06 Nov 2014 16:32:43 +0000
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