Final answer:
If property management is not involved, the property owner typically holds onto any forms of deposits. In some cases, deposits may be held by a third-party escrow service.
Step-by-step explanation:
When it comes to managing property and holding onto any forms of deposits, these responsibilities typically fall to certain individuals or entities depending on the agreements made. If property management is not involved, the property owner generally holds onto deposits as they are the party that enters into the lease agreement with the tenant. In some cases, a third-party escrow service may be used to hold deposits to ensure that the funds are kept safe and separate from the personal funds of the property owner.
According to the given reference, if possession of the property cannot be delivered as agreed, either party—the resident or owner—may cancel the agreement, which indicates that the owner is the one who handles agreements and any sums paid under such agreements, implying the owner would also handle deposits unless otherwise specified.