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| A quick reference for residential investors from WILMOTH Group. Providing creative solutions, strategy, services and support in the residential investment community since 1994. |
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Key Decisions When Preparing A Security Deposit Settlement
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Landlords should require a security deposit before allowing a tenant
to move in. If there are damages to the property or a balance owed for
rent, the landlord can use the deposit to cover those losses. Deposits
can amount to several hundreds, or even thousands, of dollars. The
security deposit settlement can also be a major source of friction
between landlords and tenants. The focus of the disagreements are
specifically on the amounts deducted and whether charges are legitimate
or refundable.
Landlords may make deductions from a tenant’s security deposit,
provided they do it correctly and for an allowable reason. The correct
way to make deductions requires written itemization of the deductions
with supporting evidence. What are the types of items that can lawfully
be deducted from a security deposit settlement prior to returning the
balance to the former tenant?
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Why WILMOTH? Electronic Payments At WILMOTH, our tenants pay their rent electronically. This speeds up the processing of your cash by at least three business days! We electronic ACH payments to our owners! Learn More |
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Did You Know?
Since 1996 WILMOTH has been utilizing unique, creative, ways to sell residential real estate investment property. Our investment experience provides for the best exposure and fastest sales of residential properties! Learn More |
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| Can You Help Us?
Social media reviews are an equal access opportunity. Tenants love to write poor reviews of property managers. Owners are busy with their investments and lives. We understand that stopping to give your Property Manager a great review is pretty low on your priority list.
If you appreciate what WILMOTH does for you, we need your 5-star review on Google. We currently have a 3.7 star rating for the reasons mentioned. Do you think we deserve better?
It will just take 30 seconds to help us out. Please click the purple button below to get started.
PLEASE and THANK YOU!!
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