Los Angeles Property Management companies say one of the biggest points of contention in a relationship has to be money. That’s especially true when the relationship is between a landlord and tenant, and one major pain point would be the deposit.
Saving Money For The Deposit
Los Angeles Property Management companies know is not an easy task at times, rent and moving costs can be excessive for tenants, but it’s absolutely necessary for Los Angeles Property Management companies to require a security deposit. In most states, security deposit laws exist to assist landlords/Property Manager in recouping the cost for potential damages to the unit.
Although Los Angeles Property Management companies have an understanding that security deposits are still the tenant’s funds so the money should only be used for cleaning and damages. Security deposits aren’t meant for normal wear and tear fixes or for a landlord to significantly improve the Los Angeles Property Management company.
Security Deposit Limits
Los Angeles Property Management companies say that in states where there is no law mandating it, landlords however, typically still try to keep their security deposit rates a bit competitive. It’s very common to pay the first month’s rent and a security deposit up to about that same amount. Although, if you feel like a landlord is asking for way too much, it’s not a bad idea to look at a few rentals in the same area, just to compare.
Detailed Notice For The Tenant
Los Angeles Property Management companies say that in almost all states, renters/tenants receive their deposit or a written explanation of why they are not going to be getting their deposit back within a certain amount of time. Los Angeles Property Management companies share that a landlord is only required to send the security deposit or the written explanation for any deductions from the security deposit to the last known address the tenant had given. It is the obligation of the tenant to make sure the landlord knows the tenant’s forwarding address or the tenant must ensure their mail is properly forwarded.
Los Angeles Property Management companies make sure to do a final walkthrough before they mail the check. Tenants have to make sure they give the new address to the landlord ASAP to make sure you’ll receive your deposit back.
A Move In Checklist
Los Angeles Property Management companies recommend to do a move in checklist. According to some state laws, landlords must give new tenants a copy of the lease, a form to document the condition the rental is in and a written inventory of any previous damage the unit might still have. This is critical checklist for tenants when disputing potential charges once the lease is done. Los Angeles Property Management companies share that the checklist is important for a landlord to demonstrate that certain charges are appropriate because the condition of the unit was acceptable before the tenant moved in.
Los Angeles Property Management companies note that a landlord’s failure to timely return the deposit or provide a written notice of deductions and failure to respond to the tenant’s proper request can result in additional penalties, a full refund of the deposit and other court costs or attorney fees could be added. Make sure to check state laws to see the specific laws regarding that lawsuit.
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