Security Deposits: 11 Step Checklist for Accepting Security Deposits During a New Acquisition or Property Transfer

How Should You Handle a Security Deposit Upon the Transfer of a New Property or Property Manager? You have negotiated a hard bargain on your newest rental property purchase. There have been days and nights of endless due diligence, crunching the numbers, working with contractors to estimate repairs, pouring over lead and inspection reports and you finally have a signed P&S and a closing date. But wait! In your due diligence you have uncovered that the Seller is currently holding Security Deposits for their residents and you have never had to deal with these before. You want to do the right thing, but not sure what to do next. In[…]

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Security Deposits: 13 Step Checklist for Returning the Security Deposit

How Should You Return the Security Deposit at the End of the Tenancy? You have had a resident follow the proper protocol you outlined in your written lease agreement to give you proper Notice To Quit. Things are ending amiably with a great resident, probably buying a new house for their family, but regardless, they are moving out of your rental and you currently hold a Security Deposit. What do you do now? Below we have outlined the steps you need to take to safely and securely return the remaining Security Deposit back to your resident when they move out of your rental property. Disclaimer: Before we continue, we must[…]

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