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:
“Woe unto you, lawyers! for ye have taken away the key of knowledge: ye entered not in yourselves, and them that were entering in ye hindered.”
—Bible: New Testament Jesus, in Luke 11:52.
“With money and wine, you will have many friends, but when you are in trouble, will you see even one?”
—Chinese proverb.