Transcript Now you have found an off-campus house!! What’s the deal with that dang deposit??

Now you have found
an off-campus house!!
What’s the deal with
that dang deposit??
Table of Contents
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Fees and Deposits
How much is reasonable?
Move-in/Move-out checklists
Dividing up Damage Costs
Documentation
Giving Notice When Moving Out
Timeline for Deposit Return
Normal Wear and Tear
Avoiding Deposit Disagreements
Is there a difference between a FEE
and a DEPOSIT?
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A fee is a NONREFUNDABLE payment for
certain services. There are several types of
fees.
A deposit is a refundable payment made to the
landlord when you sign the lease. There are a
couple of types of deposits that a landlord will
ask for.
Not all landlords charge fees or require
deposits. Be sure to know what you are paying
for.
Fees
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Holding fee - paid to keep a rental available for your
option to move in. This is most likely applicable to
your first-month's rent.
Cleaning fees - used to clean the rental after you
move out. Unless it is specified in writing that the
cleaning fee is non-refundable, the landlord cannot
withhold part of the damage deposit to pay for
cleaning costs.
Presentation fee - a non-refundable fee that will be
used to advertise the rental after you move out.
Deposits
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Security deposit - protects the landlord from
monetary damages that you might cause. For
example, if you decide to move out without paying
rent, your landlord could keep part of the deposit to
cover the loss.
Damage deposit - protects the landlord from having
to cover physical damages you may cause to the
rental.
Last month's rental deposit - protects the landlord
from losing rent money if you move out early.
How much is reasonable?
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Around this area there is an average of about
$1000 per house or about $200 per person.
There is not, however, any legal restriction so
a landlord can require any amount he or she
would like.
Whether the deposit is per house or per person
depends on the landlord. It is up to him or her
how the deposits are handled.
Checklists
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If your landlord requires a deposit, he or she
must also have checklists for moving in and
out to track damages you may be responsible
for
Without a completed checklist, the landlord is
not allowed to keep any of the deposit.
Click here for an example of a checklist
Dividing up Damage Costs
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It is best to address damage done when it occurs
rather than waiting until you are ready to move
out. Communication between you and your
roommates AND your landlord is vital when it
comes to getting the deposit returned.
If terms and conditions are adequately outlined in
writing and all parties involved have agreed to
them, there should not be any problems in
dividing up costs and receiving a portion of the
deposit.
Documentation
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Documentation is the best way to make sure that a
deposit is returned to you. Take photos, keep
receipts, and write summaries of repairs, etc.
In addition to filling out a move-in and move-out
checklist, it is a good idea to take pictures of the
condition of the house upon moving in.
In the case of repairs done to the house while you are
living there, written reports will serve to ensure that
you are not charged for that damage again when it
comes time for the deposit to be returned.
Giving Notice When Moving Out
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If you have signed a year-long lease, you do not need to
give the landlord notice about when you are moving out.
When your lease runs out, you have 3 choices of action:
1. You can move 2. You can sign another fixed-term lease
with your landlord or 3. you can stay on as a month-tomonth tenant if your landlord agrees.
It is customary to inform your landlord of the day you
plan to officially be moved out of the house so that they
can plan for the move-in date of the next tenants and
evaluate the state of the rental unit.
If you have signed a month-to-month lease, you need to
give your landlord written notice of your intent to move
out 30 days before you leave.
Timeline for Deposit Return
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Once you move out, your landlord has 14 days to
submit to you a written statement along with your
deposit or an itemized statement describing any
money that was withheld and any remaining balance.
Give your landlord your forwarding address so that
she/he can send you the deposit or itemized
statement. If the landlord is not able to reach you,
she/he is allowed to keep the deposit
The landlord may not use the deposit to pay for
normal wear and tear.
What is Wear and Tear?
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Ordinary wear and tear can be difficult to
define. Things such as sun damage, minor
marks or nicks in the wall, moderate dirt or
spotting on the carpet, faded paint on the walls,
and water-stained linoleum by the shower are
things that can be considered wear and tear.
Anything that could have been prevented with
common-sense thinking and a little care would
be your responsibility to repair or replace.
Avoiding Deposit Disagreements
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Ask your landlord to lay out specific guidelines about
cleaning rules in the lease because this is where
deposit issues usually get a bit sticky.
If you have already signed the lease and are unsure
about what the landlord expects, write out a cleaning
plan and submit it to him/her. Ask for a response
about disagreements or additions to your plan.
If your landlord takes away from your deposit
because of cleaning expenses that he/she did not
respond to your cleaning plan about, you have
evidence that he/she is being unreasonable.
Finals Thoughts
Communication is Key
Settle Disputes when they Occur
Off-Campus Student Services is available to help you negotiate
the return of your deposit. Stop by our office, call, or email for
more information.
Wheelock Room 203
(253) 879-3374
[email protected]