What would be the protocol if a tenant abandons the property and the final rent owed and damages exceed the security deposit? No address was given to send any notices to.
Send the information to the rental address. They either put in an address change with the post office, or it will be delivered to your property, but you have done your due diligence to communicate the issue to the tenant. We normally give them two months to contact us and start making payments, and then we turn it in to a collections agency. The collections agency will need all the related paperwork. We have not yet had any funds recovered, but at least it shows up on their credit report to warn future landlords, they will get hounded by the agency (who has better tools to find people), and maybe encourage them to resolve it even years into the future.
Thanks @Michele Fischer . That makes sense and here if you don't send this information out within 30 days then you are required to return the full deposit. I wanted to avoid that scenario even if I don't get back the overage.
If the mail comes back to you, just keep the postmarked envelope in case you ever have to prove you tried. I have plenty in my files. :)
Send it CERTIFIED MAIL to last known address. Do not open it in the event it is returned. Florida law states you MUST send a notice if you intend to make a claim within 30 days. If it comes back, file it with his other records in the event he pulls something and asks for it in the future. We have an agent in our office whose client DID NOT send the required notice. She ended up receiving a demand letter not only for the security deposit but for quite a bit more. Read the Florida landlord-tenant statutes and follow them carefully. People are sue-happy. Also, make sure your new leases have the required statutory language you can find in chapter 83.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.