👩🏫 What Is Security Deposit
It’s the right of every landlord to document all deductions from the credit deposited by the tenant during the period of stay by the tenant.
This document helps to track the records of deposits held by the landlord, and the amount due to him.
Security deposit is any amount of money held by the landlord as a result of severe damages during the time the tenant stayed in the house.
It’s often mistaken for advanced rent payment.
It is very important for the landlords to uphold the property they made for business.
To keep the place looking good all-year-round a property maintenance checklist is the smartest thing they could do.
Making a property maintenance checklist and keep it running for the whole year will be a big help for them to have a good flow in business.
The Security deposit cover expenses incurred for repairs of damages, unpaid rents, late fee payments, and cleaning after the tenant has evacuated the premise.
You will ever be a victim if you don’t know how to get it back.
💱 Difference of Rent to Security Deposit
Usually, a property wears and tears as its used daily, but excessive wear and tear may be due to the tenant’s carelessness.
However, there are some useful tools to repair things with small damages.
It is very important to prepare those not only in renting but also owning a house.
Understanding the right of both parties is essential.
The rent is different from the security deposit.
Therefore, this amount held by the landlord is the tenant’s money allotted for damages on the property during the lease period, and unpaid rents if any.
However, the landlord needs permission to use the security deposit to cover due rents legally.
👨⚖️ Security Deposit Protocol
The amount of security deposit required by landlords is regulated by law.
However, each state has its laws that govern the amount of security deposit charged by the landlord.
Some state regulations on security deposits clearly state that deposit on residential property must be kept and interest given to tenants if available, and also the time scheduled for the deposit to be returned to tenants after vacating the premises.
If you are not aware of all these, you will not know how to get the security deposit back.
🤷♀️ How to Get It Back?
If you don’t know how to get security deposit back, the following steps will guide you recover your security deposit back especially if you are still living on the premise;
1) Notify your landlord about your quitting- you have to give your landlord a notice 28 days before you vacate his premise.
Start to count the number of days from the day he receives the letter, plus an additional two days on the 28 days.
2) Keep copies of all documents-keep all copies of receipts of canceled security deposit check and security deposit payments.
3) Create a check-out list- it’s advisable to create a check-out list with the landlord before you move in.
The check-out list compares the leased property before the tenant moves in and after vacating the premise. You can as well make a list of what you have damaged.
This will prevent your landlord from exaggerating charges he claims you owe.
4) Report all damages to your landlord- put this down in writing and keep a copy for yourself
5) Repair what you have damaged and remain the property thoroughly clean- thoroughly clean the home and keep receipts of any cleaning supplies.
Repair holes caused by hangers, damage faucets, etc.
6) Hand all keys to your landlord.
7) It’s advisable to present a forwarding address to your landlord so that he can send your security deposit balance to you.
However, know that he can also use this address to serve you with court papers if he deems it necessary.
With all these tips, you can know how to get the security deposit back.
Should You Buy or Rent – by Abraham Walker
Protect Your Earnest Money Deposit When Buying a Home – by Debbie Drummond
What Is Earnest Money In A Real Estate Transaction? – by Paul Sian
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