by Andrea West
Posted on 2017-08-31 09:40:08
The most difficult aspect of the security deposit is that it’s important at the beginning and end of a resident’s lease with you, but in between those times it floats around unused and seemingly forgotten.
Does that mean landlords don’t need to worry about deposits as much as they worry about everything else with their rental properties? Absolutely not.
Like with everything else, there are laws relating to rent deposits which differ according to the state you own rental property. For example, in Florida, landlords have to disclose in writing what type of interest bearing account the deposit is being held in. California requires the deposit to be returned within twenty-one days. In Utah, landlords must put in writing terms upon which a security deposit is nonrefundable. To see what the security deposit laws are in your state, you can visit the Nolo website.
To help you keep track of your deposits amongst everything else that requires your attention, here is a list of four steps -
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