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Updated almost 7 years ago on . Most recent reply

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Maggie Nguyen
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Security deposit between Pm and landlord

Maggie Nguyen
Posted

I recently hired a property Mananger  to Manage my property in Virginia  and my tenant broke the lease 6 months before the lease is supposed to end. My property Mananger has not given me the security deposit. Is that legal for them to keep, and not giving it to me? Also if I have a new tenant, am I going to pay the Pm the first full month rent? Or the pm has to get the money from the old tenant who broke the lease? According to the contract, the lease with the old tenant is till sept 2019 

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied

You have to (a) read your management agreement, (b) read the lease agreement, and (c) talk to your property manager.

One of my primary responsibilities as a property manager is to protect your income stream. If the tenant broke their lease early, that interrupts your stream so I charge them a fee that covers any expenses you may incur. This would include covering vacancies and covering the cost of finding a new tenant.

I assume the property manager is holding the deposit to apply it towards unpaid rent, leasing fees, or maybe cleaning and repairs. The only one that can answer that is your property manager. Read your management agreement, write down your questions, and then contact them to get the answers.

  • Nathan Gesner
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