Knowledebase Tag: security deposit
- I was managing a property, and the owner terminated the management agreement effective today. A tenant in the property previously notified us that he will not renew the lease. The lease ends 30 days from today. I have the security deposit in my trust account. What do I do with the security deposit?
- I manage a property for a husband and wife who both signed a Residential Leasing and Property Management Agreement (TAR 2201). After the tenant vacated, the wife called to inform me of her split from her husband and asked me to forward the tenant’s security deposit to her, so she could make improvements to the property. She planned to live there until matters were settled with her husband. The husband also called. He asked that I return the security deposit to the tenant, less any deductions for damages beyond normal wear and tear. I took deductions from the security deposit and the sent the balance, along with a written description and itemized list of deductions, to the tenant. Will I be liable to the wife since I’ve already refunded the remainder of the security deposit to the tenant? Will I be liable to the tenant if the tenant disputes the deductions I’ve taken?
- I am the property manager for a property with three tenants. At the end of the lease term, one of the tenants decided to live alone and moved out. The two other tenants decided to sign a new lease and remain at the current rental property. The tenant that moved now wants her portion of the security deposit back. Because the lease requires that any refund of the security deposit be made payable to all tenants named in the lease, I am unsure how to handle the return or accounting of the security deposit for this tenant when two of the tenants are not leaving.
- After the sale of a home occupied by a renter, it was discovered that the security deposit was not transferred from the seller to the buyer as part of the closing. Now the parties can’t agree on who is responsible for the security deposit when the rental ends. Who is responsible for the security deposit?
- A tenant for a property I manage entered into a lease with the landlord and paid a security deposit and first month’s rent. The day before the date the lease period began, the tenant notified me that he had changed his mind and no longer wanted to rent the property. The tenant asked me to send the security deposit and first month’s rent to his new address, but the landlord wants to keep the funds. Can the landlord do this?
- The tenants in a property I manage are a couple whose names are both on the lease. This week, they each told me that they are divorcing and gave me the required written notice to terminate their lease when it expires next month. They also both asked for the security deposit to be refunded directly to them. Who should I make the check out to if both of their names are on the lease?
- I visited one of the properties I manage because the tenants are behind in their rent. They had moved out and took their possessions but left a considerable amount of damage, plus a lot of trash. They also left a note with their new address for the owner to return their deposit. Can the property owner keep their security deposit to cover the cost of repairs and clean up?
