 Security Deposit (by Dan [NY]) Sep 23, 2018 5:54 AM
 Security Deposit (by S i d [MO]) Sep 23, 2018 6:14 AM
Security Deposit (by AllyM [NJ]) Sep 23, 2018 6:31 AM
Security Deposit (by WMH [NC]) Sep 23, 2018 7:02 AM
Security Deposit (by Deanna [TX]) Sep 23, 2018 7:58 AM
Security Deposit (by Moshe [CA]) Sep 23, 2018 9:12 AM
Security Deposit (by Robert J [CA]) Sep 23, 2018 9:44 AM
Security Deposit (by Vee [OH]) Sep 23, 2018 11:16 AM
Security Deposit (by Dan [NY]) Sep 23, 2018 12:12 PM
Security Deposit (by NE [PA]) Sep 23, 2018 12:19 PM
Security Deposit (by Don I [MO]) Sep 24, 2018 2:46 AM
Security Deposit (by Dan [NY]) Sep 24, 2018 4:07 AM
Security Deposit (by Dan [NY]) Posted on: Sep 23, 2018 5:54 AM
Message:
Would any fellow landlords see an issue to hav a clause to refund the security deposit to one tenant name instead of all four. The tenants would then figure out among themselves who owes who money. This would be contingent on them all moving out. My one tenant is the “mother” and takes care of everything for the group. --107.242.xxx.x |
Security Deposit (by S i d [MO]) Posted on: Sep 23, 2018 6:14 AM
Message:
As long as everyone on the lease signs off that that's okay, I wouldn't see an issue. Unless NY has a law that says you can't do it this way....
Why not just make it out to all 4 of them, then let them sort out their own issues? Simpler. Less hassle for you. That's how I do it and it's never failed, even when boyfriend/girlfriend break ups occur, they manage to be civil to each other long enough to meet and cash the check.
Any time we get a refund from something (insurance, etc), it's always made out to two parties (my wife and me). These big companies know what they are doing. They have more lawyers on staff than a dog has fleas. So I piggy back off their wisdom for free! --173.20.xxx.xxx |
Security Deposit (by AllyM [NJ]) Posted on: Sep 23, 2018 6:31 AM
Message:
My tenant, the grandmother to two other tenants, cosigned for them and put up the security. I put that in the lease and when they left it was understood that grandma was getting her security deposit back. --73.178.xxx.xx |
Security Deposit (by WMH [NC]) Posted on: Sep 23, 2018 7:02 AM
Message:
I would not do as you suggested, Dan, and here's why. Depending on character and relationships, the other three could say, "Well we aren't getting anything back anyway, why worry about damage?" Leaving it all on the responsible one.
I think they all need to be on the hook to ensure crowd compliance. --50.82.xxx.xx |
Security Deposit (by Deanna [TX]) Posted on: Sep 23, 2018 7:58 AM
Message:
It seems like it would make the most sense in the case of student rentals? Where the SD check gets refunded after they've all gone home, and they may be physically separated by hundreds of miles, making it difficult to get all former tenants to endorse it?
I don't make one-person-takes-care-of-it my default setting. Normally, I require the check to be endorsed by A and B and C and D. If only A, B, and C sign it, because they're mad at D and want to cut him out--- well, the check's no good. They need to all cooperate.
However, when A and B and C and D are separated by hundreds of miles, I can draft a separate agreement in writing. A, B, and C agree to allow me to draft the refund in the name of D only, and they will rely upon D to get everyone their proper share, and once the check has been sent to D, I have no further liability regarding the SD refund. I'm doing it for their convenience, not because it's my default mode of business, as it would appear if I actually wrote it into my lease. --96.46.xxx.xx |
Security Deposit (by Moshe [CA]) Posted on: Sep 23, 2018 9:12 AM
Message:
Check your local state law regarding SD before you write such a clause.
--47.139.xx.xxx |
Security Deposit (by Robert J [CA]) Posted on: Sep 23, 2018 9:44 AM
Message:
I had three girls move into an apartment. All over 25 years old. One decided to move out and wanted her deposit back. I told her that when the other tenants find a replacement, that new renter can pay her back her deposit. I don't do partial refunds during a tenancy.
Then when the new trio finally moved, I sent a check to their new address, made out to all three names. Two of the old tenants forged one tenants signature and cashed the check. The remaining x-tenant then sued me for not giving her the deposit refund. In my lease it has a place for them to agree that the security refund will be send to "one of the renters new address", but made out in all names. --47.156.xx.xx |
Security Deposit (by Vee [OH]) Posted on: Sep 23, 2018 11:16 AM
Message:
Unless everybody has left the unit (hopefully clean and returned the engraved keys), the deposit should not be accessible - check your local and state tenant rules again - you may have missed this when you opened for business. --76.188.xxx.xx |
Security Deposit (by Dan [NY]) Posted on: Sep 23, 2018 12:12 PM
Message:
I understand the security doesn’t get refunded until the unit is vacant. I’m talking about written by a clause that the check gets written to the one tenant upon move out of all tenants. This puts the responsibility on the one tenant to work out the deposit refund to the others when they move out. --107.242.xxx.x |
Security Deposit (by NE [PA]) Posted on: Sep 23, 2018 12:19 PM
Message:
Where is the difficulty to the landlord to write everyone's name on the check? --74.37.xx.xx |
Security Deposit (by Don I [MO]) Posted on: Sep 24, 2018 2:46 AM
Message:
If you have such a clause, what happens if that named tenant moves leavinf the others behind. Do you plan to write a check to that named tenant after everyone moves out? --184.7.xx.xx |
Security Deposit (by Dan [NY]) Posted on: Sep 24, 2018 4:07 AM
Message:
The issue arose because one of the previous tenants passed. It caused a major headache and this tenant fronted the whole security deposit. The security deposit wouldn’t be refunded until all tenants move out. The previous security deposit issue is being addressed by getting a new check from thistenant and writing a refund of the old security deposit to the old tenants after the check the new check clears and walk through of property. Due to the higher rents in the area the security deposit is over $5,000 so people are sensitive to protect themselves just as I am to protect the property. The clause will be explained and initialed by each tenant. --107.242.xxx.x |
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