Landlord Tenant Screening – Security Deposits – Accurate Credit Bureau

While almost all landlords understand the importance of collecting security deposits, they are often less sure of when and how to deduct money from it.

Security deposit deductions are a sensitive issue – There are strict rules governing the use of tenant deposits.

When it comes to property damages, you’re only allowed to make deductions if it was caused by the tenant’s abuse or negligence. A common landlord mistake is using the security deposit to pay for normal wear and tear damage – It is the landlord’s responsibility to cover that.

Once you have confirmed that you’re indeed allowed to make the deductions, remember to keep a written record of the repair bills. For major repairs, it would be a good idea to take photo evidence of the property damage as well.

– See more at Accurate Credit Bureau

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