Return Security Deposit - Two Options

[Vishal P.]

Hey guys, I'm fairly new to landlording and have had 1 real tenant move out. I usually provide 2 options to my tenant(s) on the day of final walk-thru to return their security deposit. 

1- Tenant(s) and I walk the apartment and agree on a deduction amount. I return the remaining balance to the tenant(s) on the spot. I request a text from the tenant(s) to the agreement of security deposit return amount before writing the check. This option saves me the paperwork, keeping receipts, etc. 

2- Do final walk thru with tenant(s) and record all damages via notes, photos, etc. I tell tenant(s) you will receive the remaining balance on deposit within 45 days with itemized deductions, leave your forwarding address. Tenant(s) typically don't like this option due to the delay in payment. 

What are your thoughts on my options I provide to tenant(s)? Any concerns you see with this?

P.S. - I understand you are not a lawyer. 

[Kim Meredith Hampton]

Vishal,

It all really comes down to what your states landlord tenant laws say on how and when the deposit needs to be returned. read it over carefully to avoid any problems down the road. Each state is different.