If you want to lease or sublease your property, make sure you ask for a security deposit from your tenant. A security deposit will help cover for the cost of repairs in case of damage to the property caused by your tenant.
Of course, playing it safe is always the way to go. You can never really know a persona, let alone your tenant who will only stay in your house for six months.
As a landlord, you have to take this into consideration. Even if you trust your tenant, it is still a good business practice to ask for a security deposit.
The deposit is paid up front by the tenant to be kept in case there is damage. The landlord keeps the money until the contract expires or the tenant moves out.
As a landlord, it is also important to understand your responsibilities regarding the security deposit. You will want to ensure you do what is required if you do not use the security deposit in full otherwise you may be subject to attorney or court fees.
As a landlord, there are also some things you should do before and after you ask for a security deposit. Before your tenant moves in, inventory your apartment and take pictures of the interior and exterior.
It is also important for you, as the landlord, to know what your state requirements and restrictions are regarding the deposit. There are usually requirements regarding where the deposit must be kept and what must be done with the interest if any money is earned as well as policies regarding refunding of any leftover monies.
All in all, make sure you, as a landlord, ask for a security deposit, as it is for your own good. Pay a lot of attention to the state's law regarding this matter and hopefully you won't have any problems.
Of course, playing it safe is always the way to go. You can never really know a persona, let alone your tenant who will only stay in your house for six months.
As a landlord, you have to take this into consideration. Even if you trust your tenant, it is still a good business practice to ask for a security deposit.
The deposit is paid up front by the tenant to be kept in case there is damage. The landlord keeps the money until the contract expires or the tenant moves out.
As a landlord, it is also important to understand your responsibilities regarding the security deposit. You will want to ensure you do what is required if you do not use the security deposit in full otherwise you may be subject to attorney or court fees.
As a landlord, there are also some things you should do before and after you ask for a security deposit. Before your tenant moves in, inventory your apartment and take pictures of the interior and exterior.
It is also important for you, as the landlord, to know what your state requirements and restrictions are regarding the deposit. There are usually requirements regarding where the deposit must be kept and what must be done with the interest if any money is earned as well as policies regarding refunding of any leftover monies.
All in all, make sure you, as a landlord, ask for a security deposit, as it is for your own good. Pay a lot of attention to the state's law regarding this matter and hopefully you won't have any problems.
About the Author:
This writer has been contributing articles on sublets for the last three years. Furthermore, the individual likes providing knowledge with respect to NYC neighborhoods, including Chelsea apartments in addition to TriBeCa apartments.
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