Property Management Company collected 10% Security Deposit
Property Management Company collected 10% of the "security deposit" this month. The tenant was evicted non payment of rent/breach of lease agreement. Is that normal? Doesn't sound right to me. It's like they are taking 10% of every dollar coming through. This is security deposit which was held in escrow. I am not familiar with the State of Florida Statues pertaining to this law but that sounds ridiculous to me. This money should be used for repairs and income loss due to the tenant breaking the lease agreement or reimbursed back to tenant after end of the contract agreement if everything check out clean. I constantly find myself checking my statement when it comes to accounting part with this property management company. Luckily! I am an auditor by profession and I can tell if there is money being misrepresent or not. But clearly my contract with Management Company does not state anything about collecting 10% of the security deposit being collected when the security deposit has been released to me to begin repairs etc.