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Luke H.
  • Real Estate Investor
  • Dallas, TX
174
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Riddle | Security Deposit After 1 tenant leaves

Luke H.
  • Real Estate Investor
  • Dallas, TX
Posted

I have 3 tenants on lease. I got a money order for the security deposit.  At the end of the year 1 tenant leaves and a new tenant is added.  How should I handle the security deposit?

Thanks

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Matthew Olszak
  • Real Estate Broker
  • Chicago, IL
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Matthew Olszak
  • Real Estate Broker
  • Chicago, IL
Replied

1 lease, 1 security deposit. Security deposit doesn't get returned until the lease ends and is returned in a single check. How the tenants want to work out splitting it is their business.

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