Security Deposit FAQs

by Remy Lacanaria


Posted on 2019-08-09 20:17:01


Security Deposit FAQs.PNG
 

Security Deposit FAQs 

 

Collecting security deposit in rental property is usual for landlords to ask tenants before tenants move-in because it provides landlords the assurance to cover the expenses if ever tenants break or violates the terms of the rental agreement. It can either be refundable or non-refundable depends on the agreement.

Reasons why landlords keep security deposit:

  • Unpaid rent
  • The property was damaged caused by the tenant.
  • Property's missing items.
  • Can be used for cleaning when tenant moves-out.
  • Documented repair costs.

 

Here are a few pieces of information to help you understand things about security deposit in rental property.

  • Q: What is a security deposit in rental property?
  • A: A security deposit is a sum of money that a landlord collects from a tenant to ensure the landlord against the tenant's failure to fulfill an obligation or violates the rental agreement.

 

  • Q: When to get the deposit back?
  • A: Tenant usually would want to get their security deposit back as soon as possible to probably use it for the deposit of new rental place or a downpayment on a house. And a landlord must follow the state law, deduct necessary expenses if there's any and must return the deposit back normally within 30 days.

 

  • Q: What if after certain days, the tenant still did not get the deposit back?
  • A: Make a letter to landlord, explaining why the tenant still not getting the deposit back, and if the landlord failed to do so, tenants may file a complaint against the landlord in small claims court.

 

  • Q: Should the landlord be notified before the tenant moves out?
  • A: Under the landlord-tenant law have the right to receive proper notice before a tenant moves out of the rental property. How much notice required depends whether it's a fixed-term lease or month-to-month rental agreement and also on the state law. 

 

  • Q: Why are tenants have to give a security deposit?
  • A: It is to guarantee that a tenant will look after the property and pay their rent. Wear and tear are anticipated but damage to the property like a broken window, a carpet stain or pet scratches the wall or door is could be a tenant's responsibility. So asking tenants for a security deposit is just reasonable to cover any expenses for repairs and cleaning when a tenant moves out.

 

 


Other Recent Posts

  • Tenant's Abandoned Personal Property
  • Tenants Need to Know About Apartment Inspections
  • Tenant's Rights Violated
  • Establishing Rental Standards
  • Common Reasons Tenancy Ends
  • Rent Collection Tips & Techniques
  • To Rent or Not to Rent to Pet Owners
  • Knowing Your Rights as a Tenant
  • Methods of Collecting Rent
  • Most Common Lease Violations
  • The Pros and Cons of Renting
  • Security Deposit FAQs
  • Normal Wear and Tear vs Damage
  • Tenant Qualities that Landlord look for
  • Marketing your Rental Property
  • Advantages and Disadvantages of Homeowners Association
  • Routine Property Inspection
  • Odor in Your Apartment and How To Get Rid of it
  • Tips on Managing Property
  • Late Rent Fee
  • Basic Landlord's Obligations
  • 30 Day Notice
  • Benefits of Paying Your Rent Online
  • Prorated Rent for Tenants
  • Questions to Ask Before Signing a Lease
  • When Tenant Makes Improvements
  • Tax Advantages of Being a Landlord
  • Landlord's Right of Entry
  • A Day in the Life of a Landlord
  • Common Potential Problems Landlord Might Face
  • 6 Ways to Keep Good Tenants
  • Maintenance Requests: Reduce Tenant Complaints and Decrease Liability
  • Ending a Lease Agreement FAQs
  • 8 Ways Renters Can Save Money
  • More Income Streams from Your Properties
  • What Renters Need to Know When the Property is in Foreclosure
  • Ways to Increase the Cash Flow on a Rental Property
  • Documenting Wear and Tear vs Damage
  • Moving Out
  • Landlording, Then and Now
  • Considerations When Running a Virtual Property Management Business
  • Benefits of Air Conditioning
  • Big Guys vs. Little Guys vs. College in Property Management
  • 5 Ways to Show Appreciation to Your Tenants
  • Moving In
  • Reasons Why Landlords Screen Tenant Applicants
  • SUBLETTING FAQs
  • Will You Allow Smoking in Your Rental Property?
  • Your Roommate Is Moving Out
  • What are the Pros and Cons of Renting to Roommates?