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How to return a security deposit to a tenant
Returning a security deposit may sound simple, but there is more to it than many might realize.
For example:
- What if cleaning or maintenance needs done?
- What if repair costs exceed the deposit?
- What documentation should be provided to the tenants?
- Etc.
In this video we provide some great tips on handling the security deposit, as well as how to efficiently and thoroughly prepare a unit to be rented again and return the deposit to the tenants. Take a look:
Who should receive the tenant’s late fee the property manager or the property owner? Tenant has been late paying rent for 3 months and there’s no renewal lease in place. Rent has been paid but not on time.
Property manager should receive the late fee unless otherwise negotiated. This is to compensate for additional work it takes to collect funds (serve pay or quit notices, etc.)