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I'm a Landlord- In a funny situation
The tenants in my condo broke their one-year lease, which was renewed just this spring. They are aware that they will not get their security deposit back as a result. They will be leaving Oct. 31st.
We have a good working relationship, and included in their notification letter, they have indicated that they have a friend who may be interested in renting my condo as soon as they leave. They said they will be showing her the condo.
They are asking, since I may not have to hire a listing agent, that maybe I can give them their security deposit back after all. I'm unsure about all of this. I still have put a new tenant through a background check, interview, and credit check. This is what I hire an agent for.
My mind is going in circles right now... I would love some input!
Re: I'm a Landlord- In a funny situation
I don't know what the laws are in your state about mitigation of damages and return of deposits so I can't speak to what's legally authorized, but if they got a decent tenant for me with no lapse in renters I would likely give them their deposit back. Or I'd just charge the amount I was out of pocket.
How much are you actually losing if they get a good tenant for you?
What state are you in?
I know in Ohio if there is no lapse in tenants you cannot keep their deposit nor can you charge them for any fees your incure to relist the property. You can charge them for damages, but not for anything you'd normally do in between tenants (carpet cleaning, etc). And even if there is a small lapse you can only charge them for the days of the lapse and any damages so if that amount is less than the security deposit, you need to give them back the difference.
BFP #3 2.15.11 EDD 10.27.11. DD born 10.29.11
Betas @9dpo = 23 Betas @12dpo= 128.5 Betas @17dpo= 1075 Betas @21dpo =5800s
@6w hb 114 bpm! @8w4d hb 178 bpm! @12w hb 169 bpm! @18w hb 150 bpm!
This is a question I can't answer. I don't know where to begin with a credit check, or BCI. How much does it cost and where can I get them done?
If you have been on good relations with these tenants for some time, and they've made the effort to find you a new *good* tenant, if it were me I would agree to refund the deposit minus any damages as per usual. And maybe minus any pro-rated rent to cover the interim between tenants.
But for me (I'm a landlord also) a large part of that would be out of gratitude that I didn't have to go through the tenant selection process, it's a real PITA.
You know you can probably charge the new tenant an application fee (to cover the credit check, background check, etc). Its legal in a lot of states. That's not something that the previous tenant would be responsible for (even if they broke their lease).
BFP #3 2.15.11 EDD 10.27.11. DD born 10.29.11
Betas @9dpo = 23 Betas @12dpo= 128.5 Betas @17dpo= 1075 Betas @21dpo =5800s
@6w hb 114 bpm! @8w4d hb 178 bpm! @12w hb 169 bpm! @18w hb 150 bpm!
I'm in RI and I spoke to my Real Estate Atty. who indicated that I can legally keep the security deposit. However, I was thinking this ^ because I do like this couple and they have been great tenants. I just don't want to give it back to them and find myself with a crappy tenant or worse, an empty condo!
This is a consideration. However, I have about a month to rent this place out. Also, lets say I go ahead and do that. First, I don't think it's fair to a new tenant who could rent anywhere in this area and fill out a free app. Then what if I deny the app? I still have to hire the agent. How much time will have passed then? I'm unsure, but not still it's a thought.
We rented before we bought in RI and the apartment complexes definitely charged an application fee. Sometimes they would waive it as part of their "monthly promotion" but the fees are definitely out there.
If you spoke to a RE lawyer, I would do it on a contingency plan. If the new renter your current renter has found has their application accepted, they get their security deposit back. If not and you have to incur the costs of using an agent, they don't. Obviously I'm not a lawyer so you would have to run it by one to make sure this is legal in the state.
It's a dog's life!
Wouldn't you have to incur those costs even if they did fulfill their lease and give proper notice?
I say play it by ear. They didn't have to find a prospective tenant for you. If that person works out, I'd consider giving the deposit back.
Collect a security deposit from the new tenant and if they are crappy, keep their deposit, not the deposit from the good tenants. Don't give back the old security deposit until you have a deposit from the new people (it should be right away since their won't be a lapse)
If we had a good tenant leaving and they found us a new acceptable tenant, then we would more than likely refund the deposit. If the tenant turns out not to be acceptable, then we would probably keep all or some of the deposit because we would incur fees trying to find a new tenant on our own. At least they gave you over 60 days notice to find a new tenant. You will get a security deposit from the new tenant so you will be covered there.
Not sure where you are located in RI, but we just rented out 2 condos in West Warwick. One took about 3 weeks to rent and the other was rented out in less than 2 weeks.
DH uses this site to search court court records for RI: http://courtconnect.courts.state.ri.us/pls/ri_adult/ck_public_qry_main.cp_main_idx
He also runs reports thru here on potential tenants: http://www.tenantalert.com/
Good luck
This is why in many states if they took you to small claims court for withholding their deposit, they would win and you would lose.
BFP #3 2.15.11 EDD 10.27.11. DD born 10.29.11
Betas @9dpo = 23 Betas @12dpo= 128.5 Betas @17dpo= 1075 Betas @21dpo =5800s
@6w hb 114 bpm! @8w4d hb 178 bpm! @12w hb 169 bpm! @18w hb 150 bpm!
Are you local that you could personally handle the interview and just use a service for background and credit check?
? ?????????! Z!
BFP #1 EDD 12/14/12, C/P 4/9
dx: DOR
Clomid + trigger + IUI #2
Everyone welcome.
Me too
No amount of education could convince Betty to be nice to possums
Had they not opted for a second lease then you would have still had the expense of searching for a new tenant. So I do not think I would charge them for that expense, it just kind of goes along with the territory of being a land lord.
I would refund the security deposit IF the new tenants background check turns out good and once they have submitted their own security deposit and signed the lease (not a moment before). Once I have a guaranteed renter I would return security deposit - any cost of damages - minus any payment for gap days when the condo wasn't technically rented.