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Updated about 1 year ago on . Most recent reply

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Hira Y.
1
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18
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Property manager withholding financial information

Hira Y.
Posted

My previous tenant break the lease and there was break for 20 days between  tenants. When I got the statement , rent is missing for those 20 days and property manager is charging the landlord for new leasing fees, advertisement and re-keying and the reason PM is giving is there is no fund left in the security deposit, so PM is charging the landlord. 

In the tenant agreement , during early termination PM is suppose to collect those fees(new leasing fees, advertisement and re-keying etc) when the tenant give the notice.

In the statement there is $$$ amount for security deposit transfer , and when inquire about that part PM comes back saying that this is between PM and tenant and they cant tell anything .

Can the PM withhold information about financial transactions with the tenant that include rent and security deposit from the landlord and deny rent without explanation ?

Please advise what is my best course of action?

Thank you,

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Chris Seveney
  • Investor
  • Virginia
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17,775
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Chris Seveney
  • Investor
  • Virginia
ModeratorReplied
Quote from @Hira Y.:

My previous tenant break the lease and there was break for 20 days between  tenants. When I got the statement , rent is missing for those 20 days and property manager is charging the landlord for new leasing fees, advertisement and re-keying and the reason PM is giving is there is no fund left in the security deposit, so PM is charging the landlord. 

In the tenant agreement , during early termination PM is suppose to collect those fees(new leasing fees, advertisement and re-keying etc) when the tenant give the notice.

In the statement there is $$$ amount for security deposit transfer , and when inquire about that part PM comes back saying that this is between PM and tenant and they cant tell anything .

Can the PM withhold information about financial transactions with the tenant that include rent and security deposit from the landlord and deny rent without explanation ?

Please advise what is my best course of action?

Thank you,

lets make sure i understand this:

 1. So tenant A broke the lease and a new tenant, tenant B moved in and the property was vacant for 20 days. 

2. The tenant did not pay for those 20 days.

3. The PM is charging you to lease up the unit for tenant B

4. There is no security deposit from tenant A

5. Statement shows money (amounts would be helpful for what was left vs what they charged you). 

6. You asked the PM about this $ and they are not responding.

What does your contract say, who is allowed to keep security deposits them or you? I assume you. 

This appears to be a contractual issue/dispute with your PM and I would write to them noting that as the landlord you need to account for these funds and to provide this information immediately. 

Might be time to also find a new PM

  • Chris Seveney
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