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:
“The key to the age may be this, or that, or the other, as the young orators describe; the key to all ages is—Imbecility: imbecility in the vast majority of men, at all times, and even in heroes, in all but certain eminent moments: victims of gravity, customs and fear. This gives force to the strong,—that the multitude have no habit of self-reliance or original action.”
—Ralph Waldo Emerson (1803–1882)
“Want of money and the distress of a thief can never be alleged as the cause of his thieving, for many honest people endure greater hardships with fortitude. We must therefore seek the cause elsewhere than in want of money, for that is the miser’s passion, not the thief’s.”
—William Blake (1757–1827)