As a landlord, you have to be aware of the importance of a security deposit paid by your tenant. You can look at it as an advance for any future possible damages your tenant might do to your apartment.
In general, you can never really know your tenant so collecting a security deposit is like having a safety net. As the landlord you need to play it safe and collect that security deposit.
A security deposit is a way of having an insurance policy again any potential damage to the rental property. You can't always trust your tenants but at least you have some assurance that any damage will be paid for.
The deposit is paid up front by the tenant to be kept in case there is damage. The landlord keeps the money until the contract expires or the tenant moves out.
As a landlord, it is also important to understand your responsibilities regarding the security deposit. You will want to ensure you do what is required if you do not use the security deposit in full otherwise you may be subject to attorney or court fees.
It is in the best interest of both parties that the tenant and the landlord view the property together to determine its state prior to the tenant moving in. This will be helpful when viewed upon moving out to determine if any damage has occurred that will require fixing. Taking pictures of the before condition of the property can be helpful during this process.
Your memory may not always be accurate so after your tenant moves out, again take pictures of your apartment. Also, check with your state laws regarding rules on requiring a security deposit. You might have to return to the tenant the entire amount of his security deposit plus interest.
Collecting a security deposit is important to you, as the landlord, to ensure you are protecting yourself and your property. It is equally important that you understand all the requirements and restrictions associated with collecting a deposit. This will be the best way to ensure that there are no problems with the process.
In general, you can never really know your tenant so collecting a security deposit is like having a safety net. As the landlord you need to play it safe and collect that security deposit.
A security deposit is a way of having an insurance policy again any potential damage to the rental property. You can't always trust your tenants but at least you have some assurance that any damage will be paid for.
The deposit is paid up front by the tenant to be kept in case there is damage. The landlord keeps the money until the contract expires or the tenant moves out.
As a landlord, it is also important to understand your responsibilities regarding the security deposit. You will want to ensure you do what is required if you do not use the security deposit in full otherwise you may be subject to attorney or court fees.
It is in the best interest of both parties that the tenant and the landlord view the property together to determine its state prior to the tenant moving in. This will be helpful when viewed upon moving out to determine if any damage has occurred that will require fixing. Taking pictures of the before condition of the property can be helpful during this process.
Your memory may not always be accurate so after your tenant moves out, again take pictures of your apartment. Also, check with your state laws regarding rules on requiring a security deposit. You might have to return to the tenant the entire amount of his security deposit plus interest.
Collecting a security deposit is important to you, as the landlord, to ensure you are protecting yourself and your property. It is equally important that you understand all the requirements and restrictions associated with collecting a deposit. This will be the best way to ensure that there are no problems with the process.
About the Author:
The individual has been publishing commentary with respect to security deposits for the past two years. Additionally, the individual is fond of blogging with respect to New York City neighborhood subjects, like Chelsea condos along with TriBeCa green apartments.
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