Security Deposits for Landlords
Property owners in Texas often choose to secure a deposit from renters for insurance against damages and losses caused by tenants. Rarely are there limits placed on the amount landlords can collect as a deposit, and deposits can be withheld for many different reasons when the tenants vacate the property.
For many people, buying a home is one of the largest investments they will ever make, and the property becomes a huge asset as time goes on. As a landlord or renter in Austin, Texas, it is important to understand how security deposits work – and how they are used to protect property owners from any damages that may occur due to the actions of tenants.
Common Reasons for Withholding Security Deposits
Landlords are typically expected to surrender security deposits within 30 days after the tenants have vacated the property. There are several reasons a landlord may withhold the deposit, including:
- Rent owed
- Damages to the property (not indicated before move-in)
- Failure to give notice of move-out
- Failure to return keys on agreed date
It is essential that property owners provide tenants with an itemized list of deductions once the money is returned so that any disputes should be resolved in a timely manner.
Contact Us
Security deposits are only one of the many considerations involved in real estate matters. If you are looking to sell, buy, or rent Austin homes or other property in the Austin, Texas area, contact the Carvajal Group, LLC at 512-459-7770 to get started today.
