 Split Security Deposit (by Les C. [VA]) Jun 1, 2012 5:38 PM
 Split Security Deposit (by Wallace CPM [VA]) Jun 1, 2012 5:45 PM
Split Security Deposit (by Carolyn [MO]) Jun 1, 2012 7:33 PM
Split Security Deposit (by Ellen [ME]) Jun 1, 2012 8:08 PM
Split Security Deposit (by BRAD 20,000 [IN]) Jun 1, 2012 10:55 PM
Split Security Deposit (by Laura M. [CA]) Jul 30, 2012 2:37 PM
Split Security Deposit (by Les C. [VA]) Posted on: Jun 1, 2012 5:38 PM
Message:
Three students moved in 12 months ago and each paid $465 towards a total security deposit of $1395. Mid-term, one student dropped out of school, moved out, but fortunately has continued to pay the rent until the end of the term. Now, the two remaining tenants want to stay and are looking for a new roommate. In the meantime, they need a new lease and have agreed to split the rent two ways until a third guy moves in (with my written approval of course). My question is how to handle the deposit.
I know the move out and his parents will be looking for the $456 returned promptly. My thought is to proceed with a full walkthru (as if this was a move out for everyone), deduct any damages and charge the third guy for one third of any charges. When the new guy signs up, I collect a $465 and proceed from there. Is this a reasonable way to handle it? So far, my biggest concern is that the two guys may not find a third guy but it's a popular neighborhood for students and the house shows well. --72.83.xx.xx |
Split Security Deposit (by Wallace CPM [VA]) Posted on: Jun 1, 2012 5:45 PM
Message:
Yes and with new lease, handle IN the lease terms what happens to the ENTIRE deposit in case of a tenant move-out....NEW/replacement resident pays departing resident and the entire deposit stays in place for the length of the lease OR ANY EXTENSIONS. --184.5.xxx.xxx |
Split Security Deposit (by Carolyn [MO]) Posted on: Jun 1, 2012 7:33 PM
Message:
The way I handle this is the security deposit stays with the house until everyone is gone. When a roommate changes, the new student "takes over" the share of the departing student. He reimburses the departing student for the deposit, less any damages they agree on. After they decide, I help them with some paperwork - but I don't refund a deposit and collect a new one. That is between them. --70.246.xxx.xx |
Split Security Deposit (by Ellen [ME]) Posted on: Jun 1, 2012 8:08 PM
Message:
As Caroline said. I tell roommates that they have to work it out with each other. Generally, remaining tenants "buy out" leaving tenant. It is up to them to determine how new tenant pays security. Have lease addendums that remove/add tenants, stating what is happening with the deposit, and how the deposit will be handled after all tenants are gone. Usually have new tenant agree to original inspection report, as it is all I really have to go on. Sometimes I will do an inspection of a particular bedroom as part of the in/out. Trying to tighten up this procedure. --64.222.xxx.xxx |
Split Security Deposit (by BRAD 20,000 [IN]) Posted on: Jun 1, 2012 10:55 PM
Message:
However you handle it, make certain the remaining students SIGN that they accept any damage done by the released resdient as their own.
I got hung on this once - remaining tenants swore the other guy did it. I had let him go. --50.129.xxx.xxx |
Split Security Deposit (by Laura M. [CA]) Posted on: Jul 30, 2012 2:37 PM
Message:
My boyfriend and I of 3 yrs just split up and I had to get out ASAP. I wanted my 1/2 deposit back of $2100. He is claiming that he covered the whole thing. I know for a fact that he did NOT. I would even settle for 1/3. But regardless of the origin of said amount, it should still be split 1/2 correct? He owes me $1500 still from 2 yrs ago, but that is legally irrelivant right? Also, we never did a walkthrough ( private home owner) Please help!! --71.93.xx.xxx |
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