Security Deposit 101

Renters, are you afraid that you will not get your security deposit back from your property owner? Lots of states throughout the country have put in place laws that serve to protect your interests. Now, property owners are required, by law, to follow the security deposit laws that have been laid out by the state. So, just how do these laws impact a renter’s security deposit? National Property Management Group Kansas City is here to divulge exactly what this means for you.

Security Deposit Tip #1 – Proper Notice

To ensure that you get your entire security deposit back at the end of your tenancy, take proper action. If you are ready to move out and your existing lease permits you to do so, provide the property owner with 30 to 60 day’s notice. When you are dealing with a legal issue, you should always keep copies of all written communication. In the event that you need to pursue legal action down the road, you will have the proper documentation that is needed to support your case.  One of the ways National Property Management Group protects you is do communicate with you through email at all times.

Security Deposit Tip #2 – Rental Inspection

You should be present during the landlord’s inspection of your rental.  Your landlord or property manager should provide you with a checklist of expectations in order for you to receive your full security deposit.  Assuming you have made the appropriate fixes and left the property in move in condition,  you should receive your entire security deposit.

Security Deposit Tip #3 – DocumentationA small steel house with a lock on it depicting a safe for security deposit

To protect your security deposit, it is important that you have either proper documentation of the condition in which you left the rental property — think pictures — and/or have a copy of the move in AND move out inspections. In the event that things take a turn for the worse, having this proof is critical to your case.

Security Deposit Tip #4 – Explanation of Deduction

In some instances, property owners are entitled to portions of your security deposit. If cleaning was needed or repairs were made as a result of your failure to leave the property in its proper condition, deductions to your deposit can be made. Many states have strict rules about these matters, National Property Management is an expert in landlord tenant law and will help you get as much of your deposit back as possible.  After a certain period of time, the property owner is required to provide you a statement of how the deposit was used, the amount that was not used, and sometimes, a list of planned deductions from the deposit amount. Violations of these laws come with heavy penalties and the outlined process must be followed by renters, owners and property mangers alike.

Security Deposit Tip #5 – Take Rental Deposit Action

It is your responsibility to pursue legal action. If you reach an agreement with a homeowner, it’s important to document it, sign it, and emphasize where the deposit is involved. At this point, the agreement becomes a contract.. Don’t reach an agreement? In this instance, you are required to write a demand letter to the property owner. This letter should include facts as to why you deserve the deposit, copies of crucial letters and contracts, and a deadline for which you expect your deposit. If all else fails you will need to go to small claims court.

When it comes to your rental deposit, it is your responsibility to take the appropriate action that is required for you to receive your return. These guidelines act as a solid base, but make sure to cover any additional rules with your property owner. For more information concerning rental deposits or properties, contact National Management Group Kansas City at (913) 766-2191 EXT. 2 today.