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:
“Now narrow minds can develop as well through persecution as through benevolence; they can assure themselves of their power by tyrannizing cruelly or beneficently over others; they go the way their nature guides them. Add to this the guidance of interest, and you will have the key to most social riddles.”
—Honoré De Balzac (1799–1850)
“Superfluous wealth can buy superfluities only. Money is not required to buy one necessary of the soul.”
—Henry David Thoreau (1817–1862)