The security deposit disposition, if not documented properly, has the potential to be highly contentious. So, what can we do to make the process run smoothly? And who, exactly, is responsible for performing the move-in/move-out inspections, itemizing necessary deductions, and returning the tenant’s remaining funds?
On this episode of Five Minute Friday, Bob discusses who facilitates the security deposit disposition process, explaining why North County Property Group takes responsibility for identifying items to be repaired and refunding the tenant’s remaining deposit.
Bob describes how the property’s condition is assessed and documented on a move-in/move-out or MIMO form when the tenant moves in and again at move-out, sharing what NCPG charges to a tenant’s security deposit and how long they have to send the former renter their remaining funds. Listen in for insight on documenting the security deposit disposition process properly to mitigate the risk of ending up in court.
[0:39] Why North County Property Group facilitates the security deposit disposition process for its clients
[1:15] The detail-oriented nature of the security deposit disposition process
[1:54] How NCPG documents the move-in inspection and where the tenant’s security deposit is held
[2:39] The tenant’s right to a pre-move-out inspection during the final month of occupancy
[3:14] When the NCPG performs the move out inspection + what is charged to the tenant’s security deposit
[3:38] How long landlords in California have to itemize deductions and send the tenant their remaining security deposit funds
[3:52] The potential for the security deposit disposition process to be highly contentious + how to mitigate the risk of ending up in court
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