Minnesota is one of the US states where the state laws govern the real estate statutes.
Minnesota Real estate laws are generally based on buyer and seller transactions and also on the tenant and the landlord issues.
In general the lease as well as the rental agreements in Minnesota requires a security deposit.
Laws on Security deposit and returns
Laws surrounding the Minnesota security deposits and also the returns are as follows:
- Security deposit is the dollar amount paid by an individual for a period of a month or a year,
- intended to cover the damages of the property during the tenure of rent or lease.
- The return of these security deposits in Minnesota is hardly for about 21 days.