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A security deposit is any payment of money, including the last month's rent paid in advance, that a tenant pays to a landlord to insure the landlord against a myriad of liabilities. These include unpaid rent, damages due to breach of lease, physical damage to the rental property in excess of ordinary wear and tear, as well as any other breach of the Maryland lease or rental agreement. In Maryland, just like in other states, you have a right to collect security deposits from your tenant. In doing so, however, there are rules you must follow. F…

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Notice - The information provided in this article does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Owning a rental property in Maryland can be a lucrative investment decision. Besides helping diversify your portfolio of leased property, you also set yourself up for earning a passive income for many years to come as long as you follow the landlord-tenant law in regard to your residential rental property. The Maryl…

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