Security Deposit Overview

A security deposit is an important part of the rental process because it secures the property for the tenant and secures future payment for the property owner. Security deposits can be returned to tenants after a period of time in the possession of the property owner or they can be kept by the property owner forever depending on what the tenant does to the property or what rules the property owner have made regarding security deposits. Each state has different laws regarding when security rental deposits should be returned and all states either differ in length or do not have statutes regarding the return of the tenant security deposit at all.

Requirements

Both the tenant and the landlord have different requirements when it comes to filing or acquiring a rental security deposit. Most landlords do not agree on renting a piece of property to a specific tenant unless the tenant has provided the owner with a security deposit.

• The security deposit helps to guarantee that the tenant will provide future payment to the property owner.
• Also, if any damage is done to the property by the tenant, the owner can deduct repair costs from the security deposit.
• If the owner has to clean the property after the tenant has moved out then the cost of the cleaning can also be deducted from the security deposit

There are no laws that force the landlord to return the security deposit in its entirety to the tenant if the landlord has reason to keep the deposit. Now, the landlord must have legitimate reason to keep the tenant security deposit, such as damage to the building or cleaning services needed. If the deposit is going to be returned then it must be returned within 21 days of the tenant moving out of the property. If the deposit is not being returned the landlord must provide the tenant written notice why this is happening.

Submitting your Security Deposit

Security deposit laws require that a deposit be made before a rental. Tenants have a couple of options when it comes to sending their security deposit to the property owner. They can physically hand it to the property owner, mail the check, send it electronically or have their real estate lawyer give the check to the property owner. In most instances, sending a property owner a security deposit means that the tenant agrees to the terms of the rental contract and that they will be forwarding payments when they are due.

Checking Status

To check the status of a security deposit the tenant can contact the landlord via phone or email asking them if the security deposit has arrived and if they have put it into an interest bearing account. If the tenant does not wish to do this on their own they can have their real estate lawyer do it for them.

• If you need legal counsel with a Landlord Tenant Security Deposit Matter, Submit Your Details for a Free Review from a certified Landlord Tenant Attorney in your area.