Security deposit - it is today one of the common problems being faced by the landlords from tenants. Whenever a tenant is asked for rent, they usually reply that as they do not have the rent for the month, so the money could be taken from the security deposit. If you are tied up into this landlord vs tenant problem, know how to flip it.
You will also come across tenants who will say that as they are moving up, so you can take the total rental money from the security deposit. This is a big problem that is faced by the landlords who put their apartments for rent. The landlords do not get their real estate fee on time and therefore need to be strict about the lease contract.
Tenant screening is one of the best ways to get a good tenant. There are several important points that you need to mention in the lease contract given to the tenant when you rent one to the latter. Only then you can deal with these problems very easily. So if you are caught up into this problem, know about the following important points that are to be incorporated into the contract:
- The security deposit cannot be used by you as a landlord as a real estate fee for any reason beyond reasons like financial or physical damages.
- As it is mentioned in the contract that you as a landlord cannot use the security deposit as rent, in case the tenant asks you to do so, he is actually breaking the lease contract.
- If the tenant fails to pay the total rental for the month, then he will be held responsible for the late fees, attorney fees, and collection cost.
- The security deposit will be kept in a particular escrow account throughout the duration of tenancy.
- In case of non-payment, you can report the same to the credit bureaus.
- As a landlord, you can begin legal action on the tenant if he fails to go by the lease contract.
It becomes essential to be straight at times to deal with a problem. There are tenants who will continue with their activity until and unless they receive a letter from the lawyer. This will surely make your tenant pay rent on time and you will be saved from any further problem. Follow the above things strictly to have the ball in your court.
Copyright 2008 RealEstateBloom.
Author Resource:-
Prue and her 1-of-a-kind site at http://www.realestatebloom.com (where else?)helps you to make money in ways you've never known. Discover how to be a millionaire making money via real estate investment within days, even in a down market!
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