What are a landlord's rights/responsibilities/as to collecting/returning a security deposit?
Question Details:
I have a home I own and am going to rent out. It is my only rental. Do I have to keep the security deposit in a separate account if it is my one and only rental? If so, how strictly is this enforced? Also, how long do I have to refund the deposit?
Real Estate Law Answers
Yes, you have to put the security deposit into a separate bank account, and you have to give the tenant written notice of the name and address of the bank. Otherwise, it's possible for the tenant to demand that you return the deposit, and you'll have to go without one for as long as that tenant is there.
You should check with your local government or a lawyer in your town, as some cities have additional requirements such as making the account interest-bearing.
Returning a deposit is an involved process with several legal requirements, that you should find out about before your tenant moves out.
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