RE: Security Deposit
Many states require landlords to issue an accounting of all monies deducted from tenants' security deposit refunds, after the tenants have vacated. This worksheet helps the landlord break down all expenses deducted from the security deposit.
Posted by
Donna , NC
on
Thursday, May 17, 2012
RE: Security Deposit
Deduct rent due + late fees + bank charges for bounce check, if any. Also deduct all cleaning/maintenance costs. As for the refrigerator, have it returned to its original condition and deduct amount from their sec.dpst. Make sure the receipt states the damaged condition. Hopefully, you have a picture of the original condition. If the sec.dpst fall short of amount due, request the bal due when you send disbursement of sec.dpst letter to them. If they don’t pay in a reasonable time, take them to small claims. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.
Posted by
Bob R, CA
on
Thursday, May 17, 2012
RE: Security Deposit
Not an attorney! However, the State of California has a website that has a link to the landlord tenant handbook, and like Bob R, CA says up above, become familiar and stay current with Federal/State/Local laws.
Your state website should have a landlord tenant handbook that indicates how your security deposit can used. Typically, the details of how the security deposit can be used are also detailed in the lease agreement. For example, in the State of California, the landlord has 21 days to inspect/repair the property, and by the 21st day, the landlord must provide the tenant a copy of the itemized statement for all repair costs. The tenant can then request copies of all of the receipts for repairs (i.e., paint, plumbing, broken fixtures, holes in walls, etc.), in which case, the landlord has 14 days to provide copies of receipts to the tenant. There are a number of stipulations, but they should all be on the website.
The most important things to remember are:
Always act in "Good Faith!"
Use a checklist to be sure that you are complying with the law and maintaining accurate records. This will help you stay organized and insure that you have provided all of the "required" information to your tenant, as well as maintain the all of the required documentation for your files.
Keep your agreements/records/receipts/signed agreements, photos, and copies of written communication in one place (Property file)!
Review the state laws about rental agreements/leases, or have an attorney draft one for you, so that it complies with the law.
Inspect the property, take pictures before and after and always do your walkthrough (pre/post). Document and have all parties sign. *in California, landlords are required to provide the tenants an opportunity to perform an inspection of the property not more than 2 weeks prior to the end of the lease, in order to provide the tenants an opportunity to correct/repair any damages that they caused, which can reduce the balance of their security deposit or cause them to incur additional charges for damages and repairs that they caused.
The damages must have occurred during the term of the lease and the landlord cannot charge for damage that existed prior to the tenants occupancy (this is why the property inspection walkthrough prior to occupancy is so important. Be sure to always conduct a walkthrough inspection prior to renting and have all parties involved sign it and take photos. Keep file in safe place!) This will help you prove that the property was in good condition prior to the renter's occupancy and helps protect you!
Posted by
Ruben and Erika A, CA
on
Friday, May 18, 2012