TIP OF THE MONTH - December 2012
SECURITY DEPOSIT DEDUCTIONS
Source: First Time Landlord
By Attorney Janet Portman, Marcia Stewart and Michael Molinski
At the end of your Tenant’s lease, you will get inside
the rental to assess its condition. You can fairly deduct from
the security deposit those sums needed to remedy damage beyond normal
wear and tear, and necessary cleaning.
But do not wait until then to take a look around. You might want
to have a look mid-lease to make sure minor problems do not develop
into big ones, and to educate your Tenants as to what to expect when
they move out.
If you want to do a mid-lease inspection, follow your state’s rules
regarding landlord entry, giving the required amount of notice and
scheduling the visit on an allowable day.
Who pays? As long as the problem is one for which you could
legitimately use the security deposit, you can demand that the Tenants
pay directly, or you may use the deposit. If you use the deposit,
be sure to demand, in writing, that the Tenants replenish the
deposit. Failure to do so would be grounds for terminating the
NOTE FROM CROSSETT REAL ESTATE SERVICES
Our policy is to give a 24 hour advance notice (in writing) @ a
reasonable day & time for any/all entries with the exception of an
emergency. Our lease terms advise the Tenants what fees or
charges will be applicable upon vacating. A walk-thro is scheduled with
the Tenant, including the return of all keys-transfer of utilities
Return to prior
This web page was updated on 12/29/2012.