Key money is one of several forms of payment made to a landlord. The term has various meanings in different parts of the world. It sometimes means money paid to an existing tenant who assigns a lease to a new tenant where the rent is below market. It sometimes means a bribe to a landlord. In other parts of the world, it is used synonymously with normal security deposits, which are used to cover nonpayment of rent and excessive damage to a rental unit.
Read more about Key Money: Australia, United States
Famous quotes containing the words key and/or money:
“As soon as you are in a social setting, you better take away the key to the lock of your heart and pocket it; those who leave the key in the lock are fools.”
—Johann Wolfgang Von Goethe (1749–1832)
“Hollywood held this double lure for me, tremendous sums of money for work that required no more effort than a game of pinochle.”
—Ben Hecht (1893–1964)