In a real estate sale transaction, there is usually a deposit of what is called earnest money, which is generally forfeited to the seller if the buyer fails to complete the contract
Residential rental security deposits are addressed in the Arizona Residential Landlord - Tenant Law, seehttp://www.law.arizona.edu/library/research/guides/landlord_tenant.cfm
which summarizes the statutes as follows:
"The maximum amount that a security deposit can be is one and one-half months rent in addition to the first month's rent. A.R.S. § 33-1321(A). Security deposits do not include charges for cleaning or redecorating the unit. A.R.S. § 33-1310(14).
Within fourteen business days after termination of tenancy, landlords must refund either all of the security deposit or the remainder of the security deposit after taking deductions. If deductions are taken, the landlord must also provide a written itemized list. A.R.S. § 33-1321(D). If the landlord fails to comply, then the tenant can receive damages in an amount equal to twice the amount wrongfully withheld. A.R.S. § 33-1321(E). Landlords must also give written notification that the tenant may be present during the move-out inspection that will be used to determine itemized deductions
from the deposit. A.R.S. § 33-1321(C). However, the landlord does not have to meet this requirement if he or she is evicting the tenant for a material and irreparable breach and he or she has reasonable cause to fear violence or intimidation by the tenant. A.R.S. § 33-1321(C)."
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