By Trevor Rhodes
The Definitive consultant for Every Landlord
Whether you simply have an additional room to hire or a starting to be apartment empire, you continue to want trustworthy details and professional suggestion to ensure you do it correct. Drawn from years of expertise assisting millions of landlords, American Landlord leads everybody from the hot landlord to the outdated professional via all of the bits and bobs of estate administration.
- Buying and retaining condo homes
- Successfully advertisements your vacancies
- Safely and securely screening your candidates
- Effectively facing challenging tenants
- Understanding condo types and agreements
BONUS CD-ROM FEATURES: Ready-to-print condo functions, rent agreements, checklists plus landlord-tenant legislation for all 50 states, and lots more and plenty more!
Read Online or Download American Landlord Law: Everything U Need to Know About Landlord-Tenant Laws (American Real Estate) PDF
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Extra info for American Landlord Law: Everything U Need to Know About Landlord-Tenant Laws (American Real Estate)
29 This page intentionally left blank Returning the Security Deposit: How to Avoid a Showdown! This Chapter Discusses: Move-Out Letter Move-Out Inspection Cleaning and Repairing Time Limits Normal Wear and Tear Itemizing Damage and Deductions Interest Earned Common Disputes Unpaid Rent Co-tenants What If a Tenant Sues Me? Y ou collected it and have held onto it with a clenched fist for the past year. Now finally comes the time to determine whether you are obligated by law to return the tenant’s security deposit or if you have legal grounds to retain a portion (or even the entire bankroll) and in what time frame does all of this absolutely have to transpire?
If required in your jurisdiction, landlords must pay interest on security deposits that range from at least what the average savings deposit rate is, up to 5% per year, or even whatever high rate you are able to make off of the tenant’s money. Interest is usually required to be paid annually on the anniversary date of the lease agreement either directly to the tenant or applied as a credit toward the next month’s rent. Due to frequent changes in the economy, the amount of interest required to be dispersed to a tenant may vary annually for certain jurisdictions.
1 of each year Washington No statute West Virginia No statute Wisconsin No statute Wyoming No statute Where to Keep the Deposit As previously mentioned, security deposit funds are not legally yours until you can lawfully make a claim against them. Therefore, it’s in everyone’s best interest (especially yours, when worrying about complying with numerous laws and regulatory agencies) to keep these funds separate from your business and personal accounts. In other words, a tenant’s security deposit should be held in a separate bank account not in your back pocket or underneath your mattress in a federally insured bank, preferably located in the same state as the property.