Friday 23 December 2016

5 things to keep in mind to avoid losing security deposit



Documentation is the most crucial part whether you are opting to buy a property or lease it as a tenant or a landlord. Following are some necessary steps you should take to make sure you get back your full security deposit when you invest in a rental flat


Even though you have known your landlord for months or years, and formed a relationship. But when a security deposit is involved, landlord-tenant relationship will take a turnaround even if you have exchange friendly words and maintained a healthy relationship. Particularly when tenants have kept their place neat and clean they expect their deposit back.


Though there are cunning landlords who try to siphon off the security deposit either entirely or in part, not all subtractions are unfair. While withholding the security deposit is a crime, the renter also needs to be alert as to not do any such thing that'll give an opportunity to the landlord to forfeit the deposit wholly or partly. Following are some necessary steps you should take to make sure you get back your full security deposit: 




1. Fill out an apartment rental inspection checklist
Landlord will provide you with move in checklist, fill in the details. Before you unpack you boxes make sure that everything is working and noting if there are any problems or fault, better click picture and take video of your apartment. Better pay keen attention to everything that looks less than a stellar. By this way, your landlord won`t be able to cause you any damage. After filling the checklist, make sure that you keep the signed and dated copy with your landlord and yourself as well.


2. Take pictures the day you move out

Click pictures of every room and email them to your landlord, if you cannot email them or think it is not necessary it is totally okay. If later any problem occur and you need to prove don`t worry as many digital images have time-stamp data included in the file hence you can show them date and time they were taken. In that way, after you move out your landlord cannot blame you for something you did not do.



3. Read your lease carefully

Read your lease carefully so that it will tell you if you need to give the notice before you leave the apartment and how much time is required. Most probably some lease have an end date so that you can simply move out or before that day. But some leases extends automatically, if it does you will need to give notice, if you don`t you will be at risk of losing the security deposit. Before you plan to move out, you will have to give written 30 days notice before you leave, if you are on month–to-month lease.


4     4. Understand how landlord-tenant laws apply to you 


All the local laws and statutes should be accepted by landlords. Tenants should check and understand all the laws in their city or country and also state laws for security deposit. And before the move out date, give a written letter to the landlord reminding them about the law two to three months earlier. So that the landlord will know that you want your full security deposit back.


5. Do not keep any dues pending

Pay all the pending dues whether it is of water, electricity, maid, telephone, gas, etc. If you have broken something, either make sure that you have it fixed or replaced. Do not try to cheat as that would be a sure way of losing your deposit.


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