Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 7 years ago,
Tenant Non-Refundable Deposits in Purchase of Rental Property
My husband and I are purchasing a duplex that has tenants in both sides. We will receive the refundable portion of the deposits as well as any pre-paid rent. I was trying to find what the laws were in regards to whether or not we receive the non-refundable portion of the deposits paid by the tenant at move in. One tenant paid a non refundable deposit of $300 and the other paid $350. That seems like a high non-refundable portion, so I did not know if we would be entitled to part of that amount as a "cleaning fee" upon move out. On the lease it is not specified as a "move-in fee" but only referred to as the non-refundable portion of the deposit. I don't want to seem greedy but I want what is fair and as we are new in the industry I don't know what is standard.
Thanks,
Jamie Owen