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:
“This is the Key of the Kingdom:
In that Kingdom is a city;”
—Unknown. This Is the Key (l. 1–2)
“Absolutely speaking, the more money, the less virtue; for money comes between a man and his objects, and obtains them for him; and it was certainly no great virtue to obtain it.”
—Henry David Thoreau (1817–1862)