Security Deposits: Do’s and Don’ts Steps To Follow

Steps to Follow When Taking a Security Deposit When handling Security Deposits there are a few steps that need to occur to avoid getting into trouble and if you miss a step the penalties can be steep. If you miss one of the criteria for your Security Deposits the damages amount to the landlord may be three-fold. Security Deposits are always a concern for landlords. Some landlords are comfortable taking the deposit while other avoid them like the plague. The Security Deposit is an amount of money set aside to indemnify the landlord the costs for repairs or damages should the resident not return the apartment in the condition they received[…]

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Security Deposits: So You Have a New Resident! What Now?

Managing Your Security Deposits Can Be a Real Balancing Act Of the two scenarios for receiving a Security Deposit for a rental property, this version is the most straight forward situation. In our resident move-in kits, we have over 50+ pages of documents and forms to be filled out in order to properly and legally accept a Security Deposit from the resident. Along with the checklist, there are a few other details required to keep the rental legal. For example, I am sure with all of your rentals you have supplied the blue booklet from the EPA “How to Protect Your Family from Lead in Your Home”, which by the[…]

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