How to Protect Your Security Deposit When You Move In
Moving into a new home is typically tiring, chaotic and can be a bit expensive. The last thing you want to do is miss out on money that could have been saved somewhere in the process. Don’t let this be the case with receiving a return of your security deposit if you decide to move out.
Some people may forget about getting their deposit back depending on how long they’ve lived in the residence or there may be difficulties with getting it back from the landlord. Check out this guide on how to protect your security deposit from the moment you move in.
What Is a Security Deposit?
Typically when you move into a new property, in most states, you are required to pay an arrangement of first and last month’s rent plus a security deposit. The security deposit is a payment that is mostly put in place to protect the renting party from any loss or damages that may occur during the rental time.
The landlord is supposed to return the deposit back to the tenants if they choose to leave. This is in the event that there are no damages nor outstanding balances. It also takes into account the condition of the property at the end of the leasing period.
Keep All Receipts
Upon making your first payment to the leasing office or landlord, you should request all receipts and copies of any paperwork that has been completed in regard to the rental. Keeping a paper trail of all receipts, including monthly rent and any repairs you may have had to pay for while renting, will help to fight any discrepancy that could arise in the future.
You should also be very clear on how much your security deposit is (sometimes it is equivalent or half of a full rent payment) so that you are sure how much to expect in return.
Take Personal Document
Since you getting your security deposit returned also depends on the condition of the property, it is important that you have proof of exactly how the property was given to you. As soon as you move in, take photos of all the rooms and outside of the home. You can send the files in an email to your landlord or keep them somewhere safe for your personal records.
If you see anything that needs to be repaired or something faulty that could cause future issues, document it immediately and bring it to the attention of the landlord. Bring all your concerns to the table, even if you think they are minuscule.
Be Clear About Deductions
Your landlord is allowed to make certain deductions from your security deposit, which is regulated differently in every state. If deductions are to be made, the landlord should be able to provide you with a list of all specific items that were paid for with the security deposit refund.
You may be able to avoid some of the items by making sure there are no repairs that need to be made based on your actions and the property is cleaned out well. There may also be further issues is you receive an eviction notice while renting.
Need Assitance Getting Back Your Security Deposit?
In some cases, there are unfair circumstances that cause the tenant to run into issues with getting back their security deposit. However, this isn’t something that you need to give up on.
If you’re having issues fighting for your deserved money back from a landlord or need other legal advice on real estate law, don’t hesitate to contact us today.