security deposit : ezLandlordForms

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Maria G

started a topic about 15 years ago

Our tenents have been late several times and have had 2 nsf's. They now have to pay by cashiers check. They have been in violation of the lease because of this. They are now current with rent. They want to give 30 day notice to move. I have sent several letters in past stating that lease has been broken and deposit has been lost. Can I really not return the $1000.00 deposit? We have had to use it to make payment when they were short with the rent 3 times. Please advise, this is for California.

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Bob R

said over 11 years ago

Courts are sometimes flexible, even if there was no holiday. I don’t believe that 2 days will make a difference… I would do a counter suit for the balanced owed…. The next time send an estimate of repairs and a list of the work/cost already performed. This should be within the law (check it out) should it take longer than required to fix the damages. Just hold back returning deposit in case the estimate is wrong due to unknown damages. Keep us updated. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Unfortunately, it is impossible to give comprehensive real estate/tax advice over the internet, no matter how well researched or written. Therefore, it is up to you to become familiar with Fed/State/Local Tax Laws. Also, if you have real questions, you should consult with an attorney or tax professional……Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Simp-List.com. Free Trial Download with data. Check out the new $$$$ for 2012

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Kim C

said almost 14 years ago

I have a great form that I use to send to tenants prior to moving out. You can use the form and change any way you like but I will need you to email me at kberly_2005@yahoo.com to get it to you.

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Sandra P

said almost 15 years ago

from what i know (at least in NY ) the landlord has to put the money in an escrow acct only if the property is 6 fam + , but double check just in case , also with the interest rates being at less than 1% i dont thin that would amount to much $

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Martin T

said almost 15 years ago

From what I have read, you are not required to provide the tenant with information as to whether the security deposit is in an interest bearing account or not. You are not required to return interest either. Someone please correct me if I'm wrong.

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Karen S

said over 11 years ago

I believe the 15 days does not include holidays. So for example, Christmas would not be included as a day.

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Emerline N

said almost 7 years ago

can I hold the deposit if I have to replace a tare in the floor that runs throughout the unit .what about dents made to refrigerator .also yard clean up

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Stan M

said almost 7 years ago

Tare: If its to repair the tare, that depends on the age of the flooring. To replace the flooring, probably not...... Dent: would probably be considered wear-n-tare unless it effected the operation.......Yard: clean-up only to the condition tenant received when they moved in.

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Beth T

said about 14 years ago

If it was not unfortunately written in the lease agreement, you may have to eat the monthly monitoring fee, but I would definitely deduct the broken satelite dish and the thermostat. Please take pictures of the broken items in case the tenant ever tries to take you to court over it.

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Richard W

said about 10 years ago

Is this before or after the tenant has moved in/out. Was it part of the negotiation? If it was a negotiating point hopefully you have some security deposit from the last tenants to repair the place so as to be in move in condition for the next tenant. If it is but the tenant still demands new carpet then negotiate pricing with them , if you feel as if the carpet is in livable condition.

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Scott H

said about 6 years ago

What amount does the lease indicate the tenant paid for the deposit? If it says 2000 try to get a hold of the former owner and ask for the $900. Of coarse since she is moving out before the end of the lease she should be paying for the time the place is empty until you can get new tenants.

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Belinda S

said about 10 years ago

This is after the tenant has moved out and to get it move in ready for the next tenant. I know I can charge for a % of the price to replace the carpet, but I'm not sure that I can charge a % of the cost to install it, which is quite expensive.

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Bea S

said about 7 years ago

YES! It would definitely be returned to the estate of the deceased tenant not the ex. :( That's so sad. Was it a good tenant?

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Jerry S

said over 11 years ago

Thank you so much for your reply.. My wife and I have owned rentals for past 7 years with no issue's or lawsuits.. But this guy is a piece of work.. Hard because the laws in AZ although written in black and white do not outline any exceptions or alternatives on this subject. It does make sense because of the issue's of damages and holidays the court would understand why it was late going out. But I did keep in contact and he knew of the issue's and still filed when he knew I was deducting damages. I think his last way of scaring me into just paying it and being done with it. Not me.. He damaged my property and will see it to the end. Again thanks for your reply, was very helpful.. Karen response didn't answer any of my questions...

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Stan M

said over 6 years ago

Check your local/state tenant/landlord laws

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Sid F

said over 6 years ago

For CO there are no requirements on how you store the security deposit.