Security Deposit Overview
As part of leasing a property through Cox Realty, tenants are required to pay a refundable security deposit. Security deposits are held in a real estate property management trust account in accordance with applicable Utah law. The security deposit helps secure performance of the lease terms and may be applied to certain costs if those terms are not met.
For applicants who meet standard screening criteria, the security deposit is typically equal to one month’s rent. In some cases, applicants who narrowly miss certain criteria may still be approved with additional conditions, which may include a higher security deposit, subject to owner approval and applicable legal limits.
Move-Out Expectations and Deposit Return
At the end of your tenancy, you are required to follow the move-out procedures outlined in your lease and return the property in the same condition as when possession was taken, excluding normal wear and tear.
Security deposits are refunded in accordance with the lease agreement and applicable Utah law. Deductions may be made for unpaid rent, cleaning, repairs, or other costs permitted under the lease and law.
Repairs, Cleaning, and Charges
At move-out, deductions from the security deposit may be based on actual costs incurred or, where actual invoices are not yet available, reasonable estimates determined using the cleaning and damage charge schedule provided with the lease and the Property Manager’s professional judgment.
The cleaning and damage charge schedule is intended to reflect typical market costs for services required to return a property to a rentable condition and does not represent a guarantee or fixed price. Final charges may be adjusted if actual costs differ from estimated amounts.
All deductions are assessed in accordance with the lease agreement and applicable Utah law.
Pets, Service Animals, and Assistance Animals
Most of our managed properties are pet-free. If a property owner approves a pet, an additional security deposit may be required to help cover potential pet-related damage.
Cox Realty does not charge additional security deposits, fees, or pet rent for approved service animals or assistance animals, in compliance with Fair Housing laws. Tenants remain responsible for the cost of repairing any damage caused by service or assistance animals beyond normal wear and tear.
Early Lease Termination
If a tenant breaks the lease and vacates the property early, the security deposit may be forfeited and applied toward unpaid rent, re-leasing costs, and other damages permitted under the lease and applicable Utah law. If damages exceed the security deposit amount, the tenant may remain responsible for the balance as allowed under the lease.
Questions
If you have questions regarding security deposits, move-out charges, or your lease terms, please contact our office for clarification prior to move-out.
The contents of this page are for informational purposes only and do not constitute legal advice. Cox Realty makes no guarantees regarding completeness of the above information. All prospective tenants, co-signers, and lessees should perform their own due diligence and consult the actual lease agreements or a qualified professional if needed.