Florida landlords and tenants must be sure they understand the Florida Residential Landlord and Tenant Act, Florida Statutes Chapter 83. The law is very specific about the proper handling of a tenant's deposit.
I have known some landlords that kept every tenant's deposit, no matter what the circumstances of the tenant move out or the condition of the property! I have also known tenants that fought for their deposit after they moved out, even when the property was left a complete mess!
Per Chapter 83, Part II, Section 83.49 states that whenever money is deposited or advanced by a tenant on a rental agreement as security or as advance rent the landlord shall hold the money in a separate interest bearing or non interest bearing account. It must be held in a Florida banking institute for the benefit of the tenant. Be careful if the money goes into an interest bearing account, as special rules apply.
If the landlord intends on imposing a claim on the security deposit for early termination of lease, loss of rent, move out condition of property, upon vacating the premises the landlord must give written notice, by certified mail to the the tenant's last known address, within 30 days of move out of his or her intention to impose a claim on the deposit. Special verbage is required in the letter to comply with Florida law. The tenant has 15 days to object in writing to the deduction, otherwise the landlord will be authorized to deduct the claim from the deposit.
If the landlord does not send the claim in writing to the tenant within 30 days, then the landlord forfeits the right to impose a claim against the deposit. Landlords must be certain to retain their supporting documentation; certified mail receipts, etc.
If the landlord does not intend to impose a claim on the tenant's security deposit, the landlord has 15 days to return the deposit and any interest due (if applicable).
Many landlords keep their tenant security deposits upon move out, but NEVER formally notify the tenant by certified mail! This can come back to bite them in the butt later!
As landlords, we must be certain to follow the letter of the law in dealing with tenants. We must be sure that we understand the laws in our state as to the proper handling of security deposits.
Be sure to check the Landlord/Tenant Laws in your state.
This article is authored by
Sandy Shores, Brevard County Real Estate
Melbourne Florida Real Estate News
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Sandy, great information. Both landlords and tenants should be aware of the rules and follow them. After all we are engaging in business transactions.