Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

37
Posts
14
Votes
Sam Faas
14
Votes |
37
Posts

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?

Most Popular Reply

User Stats

28,236
Posts
41,358
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,358
Votes |
28,236
Posts
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
business profile image
The DIY Landlord Book
4.7 stars
168 Reviews

Loading replies...