How to Return a Tenant's Security Deposit
Most landlords opt to collect a security deposit with the first month's rent to ensure compensation if their rental property is left in disarray. The amount of the security deposit depends on the landlord and whether the rental property is furnished or not. The general rule is up to two months rent for an unfurnished property, and up to three months rent if the property is fully furnished. Once the lease has come to completion, however, landlords must follow a set of rules when returning the security deposit to the tenants.
Instructions
- 1
Notify your tenants in writing of the date you plan to do a walk through of the property if you don't go ahead and do it the day the tenants move out. Don't wait to do this as there is a time limit on returning the security deposit (see Resources to determine your state's time limit.)
2Point out any damage that is not considered normal wear and tear. The tenant may choose to fix these things. If the tenant has no interest in completing the repairs, you can deduct them from the security deposit.
3Refund the full amount of the security deposit to the tenants if no damage was found. Do this with a check so that you have proof you refunded the money. You may also choose to refund the interest collected, although you can keep it legally as an account maintenance fee.
4Complete a detailed list of all items that require you to withhold money from the security deposit. This can include rent not paid, holes in the walls, doors off the hinges and cleaning costs that were incurred because the property was not left in the condition in which it was originally rented.
5Mail the remaining security deposit balance along with a copy of the detailed list to the tenants new address (or last known address if no forwarding address was given.)
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