Security deposit basics for property managers in Arlington TX
No matter if you are one of the property managers in Plano or a property investor with Collin County rentals, you are no doubt familiar with the practice of collecting a security deposit. As anyone with rental properties Dallas Texas knows, security deposits are used to repair any damaged caused during the lease of a property. However, some property investors are unaware of the laws concerning security deposits. No matter if you specialize in rental property management in Dallas or are one of the property managers in Arlington TX, here are some of the basic facts surrounding security deposits:
- Texas law states a company specializing in rental property management in Dallas has 30 days to give back a security deposit.After a tenant leaves one of the rental properties Dallas Texas or Collin County rentals, the landlord or company specializing in rental property management Dallas must return the full amount of the security deposit within 30 days. If the tenant leaves the property in good condition save for normal wear and tear, the company specializing in rental property management Dallas cannot make any deductions.
- Property managers in Arlington TX are allowed to deduct rent owed from a security deposit.If a tenant moves out of one of the Collin County rentals and still owes money to the company handling the rental property management in Dallas, the property manager is legally entitled to deduct the rent owed without providing an itemized list as long as the amount is not in dispute. If the tenant disputes the amount of rent owed, they must make a written claim to the company specializing in rental property management Dallas stating their position on the matter.
- There is no such thing as a "non-refundable security deposit". Property managers in Plano often advise their clients to incorporate some sort of non-refundable cleaning or maintenance fee into their lease agreements. Under Texas law, the property managers in Plano cannot subsume this fee under the heading of a security deposit. It must be incorporated under a different name such as "Cleaning Fee" or "New Tenant Preparation Fee".
- Tenants must leave a forwarding address. A landlord is not required to return a security deposit until 30 days after the tenant vacates the property. However, the tenant must leave a forwarding address for the landlord. If the tenant forgets to leave a forwarding address, this does not mean they forfeit their right to the deposit. The tenant can collect their security deposit by providing a return address to the landlord via certified mail.
Properly managing security deposits is a challenging task for new and seasoned property investors alike. Property investors rely on OneProp property management to handle their security deposits with as little stress as possible. Ask your OneProp property manager how they can help you make sure your security deposits are handled in a professional and responsible manner.