Here are my updates for July 2, 2013
Security Deposits – The Dos and Don’ts – By Michael A. Brennan, Esq.
As many landlords already know, the single biggest source of litigation between landlords and tenants is the security deposit. It’s no surprise, really. Tenants consistently feel they are entitled to a refund of the entire deposit because, they say, they left the apartment in “better shape” than they received it. Additionally, the code makes a relatively simple topic seem confusing and convoluted.
Landlord’s call my office on a regular basis with questions such as:
- how much they may collect as “security”
- what it can be used for, and
- the procedure for returning it to the tenant once they have vacated the unit.
This article answers those questions, and provides insight that will keep a landlord in compliance with the law and, hopefully, out of the courtroom.
Unlike rent, which belongs to the landlord, security deposits belong to the tenants and landlords are required to follow a few simple rules with regard to collecting and returning them. According toCalifornialaw, landlords merely “hold” the deposit for the tenant and may only use it where the tenant vacated the property owing the landlord money for things such as unpaid rent, cleaning fees, or necessary repairs where the damage is caused directly by the tenant or one of his or her guests.
For Atty. Brennan’s full article, click here.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”