Security Deposit Release Proceedures

The release of security deposits to tenants after move-outs is an integral function of property management. Security deposit funds must be returned to tenants within 21 days after move-out with a full accounting statement and invoices. If the security deposit disposition is not returned within 21 days, then the tenants can sue for twice the amount of the security deposit. Therefore, it is imperative that all tenant charge repairs be done promptly.

The expectation of tenants at move-out is for them to return the property to the condition it was rented minus normal wear and tear. We consider normal wear and tear items to be nail holes from to picture hanging, light bulb replacement and minor scuff marks on the walls, etcetera. If anything is questionable, we tend to be more cautious when determining tenant charges in order to avoid the time and cost of litigation.

As always our goal is to keep our owners investments in good condition and to be their advocate. Did help with your property? Contact our Business Development Department at 760-585-1751.