How Do Deposits Work When Renting Out a House?
A landlord must protect himself when he rents to a tenant he doesn't know; this is done through not only background and credit checks, but by retaining a security deposit for the home. The security deposit is a safety cushion against damages caused by the tenant and may also remedy past-due or unpaid rent, if necessary.
Deposit Collection
When a tenant moves into a rental house, the landlord will collect the first month's rent, possibly the last month's rent and a security deposit. In some states, the security deposit may not exceed two months' rent. If a pet is involved, the landlord will likely ask for a pet deposit above and beyond the regular security deposit, which is legal. Security deposits collected for a private home are handled in the same way as a deposit collected for an apartment; the only difference is that the home is typically more expensive and the deposit is likely to be higher. If the landlord has done a background and credit check to determine the creditworthiness of the tenant, she may work with the tenant to pay the security deposit over a few weeks or month. The terms and amount of the security deposit are written on the lease, which serves as a record of receipt until the tenancy ends.
Interest on the Deposit
States and counties differ on rules regarding security deposits. In some states, the landlord must deposit the tenant's security deposit into an interest-bearing account for the duration the landlord holds it for the tenant. The interest earned must be returned along with the balance of the security deposit after the tenant moves voluntarily or is evicted.
Deductions from the Deposit
After the tenant moves out, the landlord will inspect the property, preferably with the tenant in tow. All rentals sustain some wear and tear over the period of a lease and are not deductible from the security deposit. Landlords may only make deductions for breakage, clean up, trash and junk removal, repairs or past-due rent. States and counties differ in the amount of time the landlord has to return the deposit to the tenant, but vary from 14 to 60 days. Any deduction must be itemized with a full accounting of damages. In some states, the landlord must also provide receipts for the deduction.
Considerations
Some landlords may try to keep a tenant's security deposit and may put up a fight. Conversely, a tenant may do extensive damage to a rental property above and beyond the amount of the original deposit. Regardless of who has been wronged, either party may sue the other in small claims court for the damages or for the deposit. The victor can typically win triple the amount of damages plus court costs.
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