A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Be Transparent when it comes to the Security Deposit
Often a Landlord thinks when they get a deposit to hold a
property for the new Tenant; they think the deposit locks the Tenant into the
property, but not so fast. If you remove you property from the market when you
get a deposit, you may lose money.
Property Management in Orange County Ca.
If a property is leased, but the Tenant is not going to move
in for a period of time, getting a deposit is very important, but the type of
deposit you get is more important. Most Tenants understand that to hold a
property they need to give a deposit to a Landlord, but they think it is a
security deposit. That is where the problem exists. The Landlord thinks that once they get
the deposit, they are safe if the Tenant decides to not to move into the
property, but not so fast.
If a Tenant gives a Landlord a security deposit, the
Landlord may have an issue keeping that deposit if the Tenant decides to not
move into the property.
The Landlord needs to make it clear when they receive a
deposit to hold a property that deposit is a “HOLDING” deposit and not a
security deposit. If the deposit is a holding deposit, the Landlord can be
entitled to keeping all or part of that deposit if the Tenant decides to not
move into the property.
Once the Tenant does move into the property, the Holding
deposit should be changed to the security deposit. Everyone should be clear on
these two issues concerning the deposit.
Property Management in Anaheim Ca.
If the Landlord makes it clear from
the start, then there should be no issues, but if this is not made clear then
both the Landlord and the Tenant will have different views on the return of the
deposit if the Tenant does not move into the property.
A.D. Cantelmo Property
Management Specializes in
Property Management in Orange County