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Updated over 11 years ago,
Owner leaving property management company. Where does deposit go?
Hi,
I've got a general question that I could not find on here. I apologize if it has been asked previously. Generally speaking, if a rental owner decides to end his/her professional relationship with a property management company at the end of the tenant's lease, who deals with the security deposit? Does the property management company assess the house, and fix damages, and then return the leftover money to the tenant, or does the property management company sign over the security deposit to the home owner, and they deal with it?
Each company could handle it differently, however I wanted to see what some of the experienced investors have to say about what protocol is in this situation.
Thanks,
C