 Security Deposit Transfe (by Jim S. [OH]) Sep 2, 2013 9:47 AM
 Security Deposit Transfe (by Clara [MI]) Sep 2, 2013 10:26 AM
Security Deposit Transfe (by RB [MI]) Sep 2, 2013 10:52 AM
Security Deposit Transfe (by frank [NY]) Sep 2, 2013 11:34 AM
Security Deposit Transfe (by V [OH]) Sep 4, 2013 7:45 AM
Security Deposit Transfe (by Jim S. [OH]) Posted on: Sep 2, 2013 9:47 AM
Message:
Hello,
My good tenant is leaving soon (from SFH) after a couple good years and he is recommending his brother move in after him. (I've not yet made a selection.)
He suggests that I just keep and reapply the security deposit for use by his brother. Basically, he wants to help his brother out and will work directly with him over time to have him (the brother) pay back the amount of the deposit. That way, the brother can just pick up paying rent where the tenant left off.
If I were to do this, do I need specific language in a special document with signatures by all if I decide to keep the security deposit? Do you see any problems with this?
What's also suggested is that I don't really need to go in there and fix it back up or repaint prior to re-renting-- the brother will accept it all as my tenant leaves it.
What do you all think about all this?
Thanks,
Jim S.
--66.42.xxx.xxx |
Security Deposit Transfe (by Clara [MI]) Posted on: Sep 2, 2013 10:26 AM
Message:
My thought is this, and I am by no means an expert . . .
That being said, you are obligated under the lease to return the security deposit to your current tenant after charging him for any damages, etc.
What he does with that deposit is up to him. I suspect he wants to handle it as he's suggested because he knows his brother would not qualify on his own to rent your house. He is also, perhaps, looking to avoid being stuck with repair bills resulting during his tenancy . . . his brother would. Then you have a matter of "he said . . . no he said".
I would follow through with returning the security deposit to your tenant after he has moved out and turned in the keys.
I would then go in and fix up and paint and do whatever is necessary to rerent. Consider the brother's application just as you would any other, and also be showing the property to other prospects.
Treat this as two separate transactions.
JMO
Clara --99.18.xx.xx |
Security Deposit Transfe (by RB [MI]) Posted on: Sep 2, 2013 10:52 AM
Message:
Agreed. Well said, Clara. --24.236.xxx.xx |
Security Deposit Transfe (by frank [NY]) Posted on: Sep 2, 2013 11:34 AM
Message:
Sounds like his brother might not be able to qualify for your apartment without his help. Clara is on the money, two different transactions. You want the cashed check as proof you gave back the security.
However, if the brother qualifies, and he does not need it painted. Money in your pocket for later.
--71.190.xxx.xxx |
Security Deposit Transfe (by V [OH]) Posted on: Sep 4, 2013 7:45 AM
Message:
treat as 2 entirely separate as mentioned, one door closes before the other opens. Be sure to send the accounting statement within 28 days using cert mail - how much would be left? the brother can give a new sec deposit as a gift if the new one can qualify. --75.94.xxx.xxx |
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