Previous tenant lost (refund) security deposit from 2 years ago
A previous tenant who left two years ago just reached out to me and said he had lost the check I sent him 2 years ago and just now found it and tried to deposit it. Obviously it didn’t cash, now he want me to write him a new check with a updated date. He never told me he lost the check 2 years ago, until now, am I obligated to write him a new one?
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- Real Estate Broker
- Cody, WY
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In this instance, I would issue a new check, but I would charge the tenant for it. Tell him it's going to cost $50. Contact the bank and put a "stop payment order" on the first check to ensure it can't be cashed. They will probably charge you around $25, which is why you need to charge your tenant a fee. Deduct $50 from their deposit, issue a new check, and then watch it to ensure it's cashed.
I recommend adding language to your lease about the fee for re-issuing checks. I also recommend putting a stop payment on any check that isn't cashed within 90 days so you don't have them hanging out forever. You should catch this in your monthly reconciliations.
- Nathan Gesner
