No. Although ELLOCs are an alternative to security deposits on traditional real estate lease transactions, ELLOCs are not security deposits. ELLOC stands for "Ease2Lease Line Of Credit", and as the name imply, it is a credit line extended to the renter to cover for excessive damages and/or unpaid rent. Furthermore, ELLOCs are tied to the terms and conditions of the lease agreement.
Are ELLOCs the same thing as a traditional security deposit? Print
Created by: Jiovanny Restrepo
Modified on: Tue, Jul 2, 2019 at 2:46 PM
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