Q: In Tennessee are we allowed to use a security deposit of 2800 on one months rent of 990
Rent is $900 and we are being charged a late fee if $90. We asked the property manager if we could use some of our deposit to cover this months rent but was given no answer. Received a letter from the rental company threatening to terminate the lease in 72hrs if the rent was not paid. Please help
A: Sorry, but the security deposit is just that, a security deposit ( it is not rent). The landlord is generally required to keep it in a separate bank account. If the lease is ending, and you are moving, you can agree to let them keep some of it to cover your past due rent, but I am sure they want to keep the deposit at its current amount, so that means you must pay the monthly rent ( the deposit is not an account that you can draw on from time to time).
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