SO YOU WANT YOUR SECURITY DEPOSIT BACK?

SO YOU WANT YOUR SECURITY DEPOSIT BACK?

The all-important Security Deposit from a lease agreement can sometimes be a very tricky thing.  Tenants need to really understand their Lease Agreement and the proper procedure in receiving the Security Deposit back at the end of a Lease.

Common misconceptions tend to concern:

• Thinking incorrectly that the last months lease payment can be used with the Security Deposit.  WRONG - in Texas the Security Deposit is never used for paying the last month of the lease.  The security deposit is there per its name - security.  The Landlord has risk when leasing a property to a tenant.  Damages to the residence, not returning all keys or garage remotes, etc.

 

• Not putting in writing the termination notice within the correct time frame.  You must read your lease carefully and make sure that this is done according to the terms of the lease.  Failure to do this can revoke your security deposit.

 

• Not conducting a final walk-through or providing the paperwork regarding the Move-Out condition.  Without this final step, the Tenant is risking losing part or all of their deposit.  Make sure that you schedule this all-important step within the time frame outlined in your lease.

Most Landlords are very fair and want to work with their Tenants.  However, Tenants MUST realize that they need to read and understand the Lease and provide termination dates, walk-throughs, etc. with diligence and in a timely fashion.

Know what you are signing and be responsible before, during and at the end of your Lease.  Many issues can be avoided by communicating effectively and IN WRITING!  A hand shake, a phone call or a text will not suffice. 

 

Paula Hamilton~McDonald ~ REALTOR^®

Broker ~ Managing Principal

        9595 Six Pines Drive, Suite 8210 ~ The Woodlands, TX  77380 ~ 936-203-0279

Paula@ChevauxGroup.com

 

Copyright 2011 Paula Hamilton~McDonald