How do you handle security deposits?
Security deposits are collected with each lease agreement. Deposits are equal to one month’s
rent if the tenant has good credit.
The deposit is held in a trust account by the broker until the tenant vacates the premises.
A final walk through is completed and any outstanding corrective issues or damages are
addressed. Once these deductions have been made, the broker will release any remaining
balance from the security deposit to the tenants. Any amount deducted for corrective work will
be sent directly to the owner.