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Security Deposits

I have received some security deposits from my tenants.  Do I have to open up a seperate bank account to place them in?

The average is one month's rent, but some will charge up to three month's rent. it depends, most states have a limit to what can be charged, but some states have no maximum. And for a deposit for pets like @Scott H, you can charge a monthly charge. However, while general security deposits are legal in every state, separate pet deposits are only legal in some states. If you are looking for property-related services visit:
Security deposit is usually equal to one months rent sometimes two if you are renting to a high risk tenant.  I usually like charging a monthly pet fee instead of a deposit I do a$50 fee.  If they are there 3 years you get an extra $1800 that you keep.  If you do the deposit you give it back to them if there is no damage.  With the fee if there is damage you still keep the money from their regular deposit.
You can take the tenant's security deposit cause the smoking caused actual damage to the rental unit. It’s requiring a financial cost for you to repair your property. However, in order to keep those deposit funds, you should have evidences of that harm. Any damage must be verifiable and documented.
read through the laws near you. The Security Deposit is used for damage to the property, I don't believe it is used for Normal Wear and tear though. If the No smoking clause was in your lease and there is smoking damage, that you could probably use the security deposit towards.
If there is unpaid rent you may take that from the security and since you did give him a $400.00 credit add that to what you would deduct, as to be fair. Have this clearly written in writing and present that to him.  Also make sure that if there was any cleaning beyond normal wear and tear and repairs they are noted.
Karen thank you how detailed in the statement do you have to be? I just broke it down by what the cleaning was for but didnt' list the amount of time it took to clean. Regarding the cleaning I had my mom do it but didnt know if I go to court if I had to have paid her or hired a business to be able to charge the tenant legally for the cleaning.
Hi Jessica... Colorado law requires the landlord return the security deposit or an itemized statement of the deductions and balance, if any, to the tenant within 30 days after termination of the lease.You cant charge for normal wear and tear. If the tenant is questioning the charges, site examples. If you hire someone to clean, just save the bill. I doubt it would matter if its a friend or family member.
Brad B although I appreciate your feed back my question was not realated to Washington. I was asking assistance for COLORADO.
In the state of Washington, the landlord has 14 days after a tenant moves out to return the security deposit or give a written explanation of why it (or any part of it) was not refunded. As far as the security deposit refund, typically, landlords may charge tenants for any cleaning or repairs necessary to restore the rental unit to its condition at the beginning of the tenancy. Landlords may not, however, use the tenant's security deposit to cover the costs of ordinary wear and tear.
Lupe, Your lease should state that they need to give a written 30-day notice but if they break their lease they should not get their deposit back. Send them a letter at the last known address (your rental if you don't have another one) stating that because of the lease being broken they forfeit their deposit.  The wife does not have any right to the deposit as the deposit stays with the property, and the husband was the last to move and he still broke the lease.
I have a (1) year lease agreement with a couple, however the couple has seperated so the husband has agreed to stay until I found a new tenant. That said, he can not afford the monthly rent of $1950. 00 so he has only paid $1200 for January. My tenant has now found a place to live so he will be vacating the property on the 30th of this month and my new tenant will move in February 4th. In that, the lease was broken do I have to return the full security deposit to the tenant along with the pet deposit ? Can I deduct the balance of the rent that was not paid for January, or do they forfiet their deposit. The husband sent me an email saying he knows they are forfieting the deposit because they broke the lease but I want to be sure his wife does not come back and try to sue for the deposit.
Thank-you Donna! Great advise for solving the SD....I will be taking your advise!  As I never thought of that...I love that idea!  Thanks again  Carrie
First thing is: Are you willing to release the current tenant who is moving of all responsiblity and liability of the terms and conditions of the lease? By doing this, if your first tenant cannot afford the rent or something goes awry, then you only have recourse against the remaining tenant. This may be okay if you feel the remaining tenant can afford the rent and there have been no issues. The next item is the lease will change. I would have some type of documentation (written) that has both tenant signatures (signed in your presence) that each agree along with you to remove the exiting tenant, You can discuss the security deposit at that time. If YOU decide to return the SD, is the remaining Tenant going to replace it iimmediately? My best suggestion here is this: Have the other Tenant release his rights to the security deposit. Let the security deposit be handled amongst the Tenants. Make sure that the remaining Tenant knows that he is responsible for any and all damages to the apartment. So if there any existing damages to the apartment created by the exiting tenant, make sure that remaining tenant knows that HE is responsible. Hope this helps!
At what point do I collect security deposit?  Do I wait until I choose which applicant I want if I have multiple applications?  If I collect one deposit does it mean that I have to go with them if everything checks out?  thanks.
I need a form to show all the damages the tenants made when returning there secuirty deposits. There will charges the exceeds what they paid. where do I get one of these? A form that shows what has been taken from there deposit and new charges added!
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