Security Deposits
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Security Deposits (by Sylvia [WV]) Apr 11, 2008 9:47 AM
       Security Deposits (by AJC [NH]) Apr 11, 2008 10:24 AM
       Security Deposits (by Terry [CA]) Apr 11, 2008 11:59 AM
       Security Deposits (by cpim [OH]) Apr 11, 2008 1:47 PM
       Security Deposits (by Kathi [OH]) Apr 11, 2008 3:11 PM

Security Deposits (by Sylvia [WV]) Posted on: Apr 11, 2008 9:47 AM

State Specific Question About: WEST VIRGINIA (WV)

I had a tenant put down a security deposit for a townhome approximately 1 month before she was to move in. She called me and told me that she and her husband were reconciling and she no longer needed the townhome. She never moved in, but I could have had it leased during the time I was holding it for her. Am I entitled to keep her deposit because I could have leased it?


Security Deposits (by AJC [NH]) Posted on: Apr 11, 2008 10:24 AM

You should have collected a "holding fee" instead of a deposit

Security Deposits (by Terry [CA]) Posted on: Apr 11, 2008 11:59 AM

Depending on your state law, you should have had them sign a state law compliant holding fee or deposit agreement. Since you didn't, you should only keep whatever portion represent "real" losses (as in lost rent as of the day you were to "start" until it's re-rented) and even then if challenged you could lose.

Security Deposits (by cpim [OH]) Posted on: Apr 11, 2008 1:47 PM

Did she ask for it to be returned?

Security Deposits (by Kathi [OH]) Posted on: Apr 11, 2008 3:11 PM

Situations like this are why many of us charge a "Holding FEE" which is applied to the move in monies when the move in. Did she sign a lease. If so you can hold her to the terms of the lease until re-rented. You must mitigate your damages by attempting to re-rent it.

Subject: RE: Security Deposits
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Security Deposits
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