I have a property i'm renting through a property management company. The tenants gave the real estate company $300.00 on the first of Aug. the real estate company said they are keeping it until the tenants move out. But it's non-refundable. Why do they need to hold onto it?
And I also have a owner portal that I can see when they pay the rent, but I can't see any deposits made, is this right?
Any money they collect should come to YOU!!!! less their fees.
The agreement I signed with the real-estate (property management company) says the Broker will maintain security deposits received from tenants in a trust account and will account to the tenants for the security deposits.
Read the lease does it say deposit Or fee. If it says non refundable pet deposit some states still require this to be held in escrow. Your PM company should provide a monthly summary of deposits held on your property
thanks that's some good info Sir.