you to take money out of the security deposit, and address and fix any issues when the tenant moves out. If there are any issues that you know have been caused by the tenant, you can “withdraw” from their security deposit and send them a receipt for the repair. If there’s anything left of the security deposit that’s owed to the tenant, send that money along with the repair receipt.
FOLLOW LAWS GOVERNING SECURITY DEPOSITS
The third step is ensuring you follow all laws governing security deposits in your area. Do your research if you’re unfamiliar with these laws. If you’re not sure about the security deposit laws that pertain to you, please consult your attorney to ensure compliance. Don’t forget to include any and all security deposit laws that are specific to where you live, as different states, cities, counties, municipalities, etc., can have varying laws.
DON'T RUSH TO RETURN THE D TURN THE DEPOSIT
As long as you are compliant with security deposit laws, you don’t need to rush to return it. In fact, if you end up giving back the deposit too early, it can come back to haunt you and cost you much more than you bargained for. There could be damage to your property that you didn’t notice during your original walkthrough inspection. Here’s an example of what could happen if you release the deposit too soon. Let’s say you do a quick walkthrough inspection and, based on that, you think the property is in great shape, so you return the deposit. But a week later, you go back and notice a terrible odor that wasn’t there before—perhaps the tenant had pets or was smoking and tried to hide the smell with fragrance or
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