What Is the Process of Returning a Security Deposit to the Tenant?
When it comes to returning the security deposit, you need to follow a certain process and be aware of some legal rules.
First, the law around how quickly you need to return the security deposit varies by state and usually ranges between 14, 21, 30 or 45 days. Make sure to check your State law should you find yourself needing more than 14 days to itemize and return the security deposit. In addition, each state has different laws on what exactly can be deducted from the security deposit. Should you make itemized deductions from the security deposit, be sure to have proper documentation and make sure you do not overcharge for the repair. You will want to record the bills for any replacement and repair and take photos of all the damage and your receipts.
- Why Should You Ask for a Security Deposit?
- How Much Can You Charge for a Security Deposit?
- How Should You Store the Security Deposits?
- What Are Security Deposits Usually Used For?
- What Are Some Common Problems When Returning a Security Deposit?
- What Should You Pay Attention to When Returning a Security Deposit?