|
Support Center
Home
FAQ
Forums
Tickets
Return to ezLandlordForms
Enter your search term here...
Search
New support ticket
Check ticket status
1-877-367-6771
Start a new topic
Discussions
ezLandlord Questions and Answers
General Property Management
Security Deposit as last payment
Y
Ygnacio or Dinah C
started a topic
about 14 years ago
Our tenants are on a month to month basis now & followed procedure regarding movw out notice; however, they asked us to release a portion of their security deposit in order to place as a deposit on their new rental property. We stated that we normally do not release funds until 30 days after move-out date and after all pending accounts have been paid in full and closed, i.e. water, electrcity, etc. Before any agreement was made, they contacted their out-of-state atty who told them that, in essence, we had the funds in escrow and they did not have to pay their final rent payment as contracted, but instead apply the initial security deposit to cover final payment. The day after we were told to use the security deposit as final payment, we received notification of a past due water bill which they claim has been paid, but to date is still showing as past due. We have never experienced this before, so wondering if you have any information as to how best to handle matter?
3 Comments
Oldest First
Popular
Newest First
Sorted by
Oldest First
D
Denise S
said
about 14 years ago
In colorado and most other states "Security deposit" means any advance or deposit of money, regardless of its denomination, the primary function of which is to secure the performance of a rental agreement for residential premises or any part thereof. I have NEVER heard that any landlord is required to use it as rent. As a matter of fact many lease agreements, specify that it CANNOT be used as rent. Follow the procedures for the return of a security deposit in Colorado to a "T" and do not worry about this supposed "attorney".
L
Land L
said
about 14 years ago
I agree with Denise! There is almost always something that you need to use the deposit for. Youll regret paying it early! Just follow the rules and you will be fine.
D
Doug F
said
about 14 years ago
Do what your lease states, mine say's specifically it cannot be used as a last months rent.
Login
to post a comment
More topics in
General Property Management
Covid-19
Renter paid Initial lease payment but never ez signed
How to Utilize The PayStub?
SHOULD BOTH NAMES BE ON LSE IF TENANT AND GIRLFRIEND BOTH LIVE THERE
PA Landlords
transfering leases on a sale.
Credit Checks
Upset tenents.
Month to month rent increase
Apartment Hotel question
ezLandlord, Inc. 22228 St. Barts Lane Estero, FL 33928
BECOME A MEMBER
-
DOCUMENTS
-
TENANT SCREENING
-
RENT PAYMENT
-
PRICING
-
RESOURCES