Is it possible to borrow from the deposit, and promise to pay it back?
Question Details:Our rent is due today in the amount of $2750. We are a family of 4 (including 2 children) and only 1 income. When we moved here on 05/01/09, we gave the LL a payment of $19,250, which constitutes 3 months security deposit equal to $8250 and the first 4 months rent equal to $11,000. We are struggling on catching up with all our back up bills due to various reasons; we were expecting some loans that we made to be paid by the end of the month. We have put away $700 for the rent and just can't think of any other ways to get around this until our next pay checks in 2 weeks. We are on a residential lease or month-to-month rental agreement. The contract says under the Move-in Costs Received: Rent from 05/01/09 to 05/30/09 paid $2750; Security Deposit paid $5,500.00; Other/Last Month paid $2750.00; Other/3 month rent paid $8,250.00; TotalL Paid: $19,250. Is it possible to borrow from the deposit, and promise to pay it back?
The other attorney is correct that you generally do not have a right to borrow against security deposit. However, your description raises an issue of whether the landlord took an excessive amount of security deposit from you. You did not specify which city you reside in, so I can not tell if any local rent control laws may apply to you. Looking at general California law, Section 1950.5(c) of the California Civil Codelimits "security deposit" amount to two months' rent (for unfurnished residential property) or three months' rent (for furnished residential property), unless there is special circumstances (e.g. tenant will have a waterbed, landlord will be doing alterations at tenant's request, landlord and tenant agree to a larger deposit amount, etc.). Please be sure to consult your own attorney to protect your legal rights.
No, unfortunately the tenant has no legal right to borrow from or against the security or any other deposits. Once you submit the deposit, it is held for your benefit, but you do not have any control over it. Certainly, you could ask the landlord to let you borrow money (whether against the deposit or otherwise), but that is completely at the landlord's discretion--they are under no obligation to loan you anything.
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