Security Deposits

by Property Management Software on December 19, 2016


Security Deposits
 
Security Deposits

A recent survey shows that 1 in 4 tenants do not receive their security deposit back after they have vacated the unit. The reasons for this may vary from tenant to tenant but another survey shows that out of such tenants 36 percent of them never received the reasons for which their deposits were withheld. They simply didn’t receive their deposits which is an illegal act.

When managers see their trashed units they are faced with the maintenance task which can go up to several thousand dollars before the unit is rentable again and in such temptation they find it completely unnecessary to provide tenants with some justification about withholding their security deposits. They may think that tenant already knows that they trashed the unit but it is still their duty to inform them. Also, there are laws in this regard which protect the tenants from unscrupulous landlords who intend to keep the security deposit.

While these laws vary from state to state, still in general terms property managers are required to provide the former tenant with the statement how their funds are being utilized in maintenance work and they must provide the state of the same to the tenants within specified period of time and failing to do so can lead to legal dispute in which case managers may be forced to return the security deposit to the tenants despite the damages that occurred during the period they were tenants.

To avoid such situations managers must make sure of the following:

  • A complete walk through of the unit while tenant is still residing.
  • A second complete walk through when tenant has vacated the property.
  • If there are damages found then it only makes sense to document them a according to the cost on tenant statement.
  • Make sure that statement is sent out to the tenant within the period of 30 to 45 days after tenant has vacated the property.


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