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Updated over 1 year ago on . Most recent reply

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Sam Faas
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Anything to do when returning security deposit?

Sam Faas
Posted

I had a situation recently where the tenant and I, mutually agreed that a move out was in their best interest.  One of the conditions I agreed to was returning their full security deposit without condition after 10 days, once they move out.

I haven't done this before, so I  will be giving them a check with a line in the memo saying the security deposit return and making them sign an acknowledgement that the security deposit has been returned in full.

Anything else I need to do when I return the security deposit?

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Sam Faas:

That sounds right, but I am not a fan of this technique because you are agreeing to return the deposit "without condition" and they could choose to leave the place dirty, abandon broken furniture, or just trash the place on the way out the door.

I have done something similar, but I offer to return the deposit within 72 hours as long as they leave it empty, clean, and in good condition.

  • Nathan Gesner
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