Like do you get the money back at some point? Does it go towards rent? Or??
Thanks guys
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For a rental property, it’s money held by the landlord in case you damage the property and wander off without paying.
If the property is in good condition when you leave then your bond is returned to you.
The term used is typically “security deposit”, as bonds also refer to savings bonds as well as a jail bond.
Basically, it’s a sum of money the landlord/manager asks for in case you leave the property damaged at the end of your lease. If there is 0 damage then you get it all back, if some damage then some gets taken away, if a lot of damage then they’ll ask/sue you for the damages not covered by the security deposit.
One instance of “damage” may be you painted the walls and they want to paint it back. Usually “wear and tear” is legally allowed, meaning expected/reasonable damage, an example sometimes would be thumbtack holes in the wall to hold up a poster/banner.
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