Ways to Handle Rent and Security Deposits

by Remy Lacanaria


Posted on 2019-08-26 20:17:01


 

                                        ways to handle rent and security deposits.jpg

 

 

There are ways in handling rent and security deposits. Landlords should treat it with care, and just a simple mistake, it could lead to a legal dispute.

 

1. In handling rent, landlords should be clear about how much the monthly rent would be, the payment due date, and how it is to be paid. Everything should be put in writing or in a contract. If for some reason you need to change the terms, always and never forget to notify the tenant as soon as possible.

2. In some states, you will be required to provide a receipt. The receipt should indicate the amount of rent payment that you received, when did you receive the payment, the name of the tenant, dates covered by the rent, and the unit number the tenant is renting.


Handling rent is different in handling security deposits. Some or most of the jurisdictions consider security deposits as the tenant's money. It is required to keep separate from the landlord's money. In general, security deposits can be used or applied for unpaid rent, and it can be used to fix the damage caused by the tenant, and not the normal wear and tear like: 

  • Furniture marks and gently worn carpet
  • Wall dents
  • Fading of paints on the walls, ceilings, and every corner
  • Dirty grout surrounding the tiles
  • Scratches and light watermarks
  • Fading of floorings

 

Returning the security deposits vary from state to state. Some require to outline on a list, the repairs made and the cost to do it. Some states sets deadlines in returning the security deposits too.

Lastly, last month's rent can be used only to pay as payment for the last month's rent while the security deposit must be returned or be used to pay for any repairs to the unit.

 


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