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

What do you mean by "received the object"

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Bob R

said over 11 years ago

Send tenant a letter to her last known address. In this case, your rental…. Let her know that you did a final inspection. List any expenses that are her responsibility, if any. State the balance due Tenant/Landlord……Ask for her new address. Also state that if does not want the deposit returned, you would appreciate her telling you via email/USPS….Send letter certified, return receipt. -----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. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.

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Dawn A

said over 11 years ago

Yes, mail it to her last known address, the rental. If she turned on mail forwarding, it will get to her.

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Bob R

said over 11 years ago

Are you asking if you now should refund the "complete" sec.dpst collected and not minus the repair? If so, why?

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Erma C

said over 11 years ago

I refunded $754.00 which is $1100.00 minus the replacement of the lenolium and yard cleaning. She is stating that since I post dated on day 31 she wants her full refund and not the lower amount.

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Erma C

said over 11 years ago

I refunded $754.00 which is $1100.00 minus the replacement of the lenolium and yard cleaning. She is stating that since I post dated on day 31 she wants her full refund and not the lower amount.

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Erma C

said over 11 years ago

I refunded $754.00 which is $1100.00 minus the replacement of the lenolium and yard cleaning. She is stating that since I post dated on day 31 she wants her full refund and not the lower amount.

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Erma C

said over 11 years ago

I refunded $754.00 which is $1100.00 minus the replacement of the lenolium and yard cleaning. She is stating that since I post dated on day 31 she wants her full refund and not the lower amount.

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Brian A

said over 11 years ago

I really dont see how one day would make any difference. But you said you "post dated" the check? So did you give it to her before the 30 days but just post date it? Do you have a reciept of that? Most states have the "within 30 days" to return any portion of the deposit but you will have to check with your State to see about if that means they can require full payment or not. I would think it just means thats how long they have to wait until they can file legal action for non payment. Since she did not file and has in fact been returned her remaining deposit I dont see where she can require you to pay in full. I would write her a letter explaining you have returned the money as required and legal action would in fact cost her far more than she could gain. Dont admit putting the wrong date on the check. Leave that for in case she does file. Then just say you must have written the wrong Date on it is all and it was only one day. If ou have proof of damages and the cost of repair you should be OK.

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Bob R

said over 11 years ago

I agree with Brian about the mailing timing and suggestion. Consider mailing sec.dpst refunds certified. This way you will have a receipt of the mailing date. Return receipt is not important…..Here’s a concern – who long did she live there? You can not charge her for the total cost of replacement. She would be responsible for the prorated amount. Hopefully, you received an estimate with a statement stating that lino could not be repaired. Also, you should have taken pictures to document the damage……Here’s something to look into. It has been claimed that new lino is not deducted as a repair but is depreciated for 27.5 yrs because it is attached to the floor. Whereas carpeting is depreciated over 5 yrs. (Check IRS Pub 527). If that’s the case, she may be responsible for most of the cost. . -----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. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.

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Leonora S

said over 11 years ago

I wanted to offer a solution to landlords for accepting payments via a free phone swipe device. Do not use the Square as this has been known to have compromising security issues. This one is from an A+ company and is safe and secure.. you simply swipe a credit or debit card and the payment goes directly to your account: http://www.myurl.si/Jex

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Karen S

said over 11 years ago

Jaime, most times this depends on not only the state but the city or county. The interest is really not that much money when you add it up... depending on the security deposit it's usually less then $50 a year. You may want to double check what your county states. Then just do the math.

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Dawn A

said over 11 years ago

If the tenant had the unit until the 15th and chose to leave on the 1st that's their choice. As long as you're not collecting double rent you're okay.

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Tina S

said over 11 years ago

In upstate New York does the number of units per building or number of units per business make any difference toward security deposit interest?

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Bob R

said over 11 years ago

A landlord must put the security deposit in an escrow account. When returning security deposits of $50 or more, the landlord must include simple interest of 3 percent per year, accrued at six-month intervals from the date the security deposit was paid (1.5 percent every six-month period)…… In most of the United States, the law allows property owners to deduct an annual administration fee of one percent (1%) for management of the tenant’s financial security deposit. -----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. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. 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.