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What are the accounting journal entries to record security deposit?
The accounting journal entries to record a security deposit should be a separate entry titled security deposit. You should include the tenants name, and it should be considered a liability since you will have to return it at some point.
Is it illegal to spend tenants security deposit for unpaid rent if tenants left early?
No, normally you can spend the money. If a tenant terminates a lease early the landlord can keep the security deposit and sue the tenant for loss if the unit is not re-rented by the time the lease would have expired.
Can a CA Landlord ask for first and one and half times security deposit?
You can check with the Tenants Association in your city but that's not unusual. I'm surprised that they're not asking for first, last and the security deposit.
How does a new landlord place a lien on tenants security deposit with current landlord?
You would have to go to Small Claims Court and get a judgment against the tenant. Then you could garnish the security deposit from the current landlord. Talk with an attorney for details.
What happens if post-tenancy cleaning is not done properly?
If post-tenancy cleaning is not executed properly, several issues can arise: Security Deposit Deductions: Landlords may deduct cleaning costs from the tenant's security deposit if the property is left in poor condition. Difficulty Finding New Tenants: A dirty property can lead to negative impressions, making it harder to attract new tenants and potentially extending vacancy periods. Landlord Complaints: Inconsistent cleaning can lead to disputes between landlords and former tenants, complicating the move-out process.
Can a landlord withhold security deposit if you do not let him show the apartment to future tenants before your lease expires?
Yes. That's the short answer, but it's usually a condition of your lease.
Can a rental company to charge tenants more than the security deposit?
Yes, in most areas the rental owner can charge tenants amounts in excess of the security deposit. Some local laws prevent this. So if you destroyed something or did major violations of occupancy rules, yes, quite likely that you will have to pay. Most landlords will be tough talking about suits and possible criminal charges, but honestly most will negotiate with you to some extent.
Buy a Security Entry System With Video Capabilites for Your Apartment Complex?
If you own an apartment building that is located in a metropolitan vicinity, your tenants need to know they have excellent security in the building. Security entry systems that have intercom, video and access control features provide your tenants with measures of safety that are compatible with up-to-date security systems. If there is a burglary in the apartment building you own, the video function can help law officers to catch the burglar. On the other hand, if the apartment building does not have any video capabilities, the suspect is less likely to serve time for the crime that is committed.
Can I add a security access door to an apartment building?
A security access door is a great ammenety to have in an apartment building. Crime Doctor has some great advice on security access doors as well as other great tips on making your building as safe as possible for your tenants. You can read their article at http://www.crimedoctor.com/apartment1.htm
Guard Against Tenants And Their Guests With Rental Property Insurance?
Rental properties can be a great investment, but like any investment, there's a possibility for loss. While you can do background checks and require security deposits from your tenants, the safety and security of your rental property is often out of your control. Make sure your policy covers you from damage caused not only by your tenants, but also their guests. Also look at your deductible. If it's higher than your reserved security deposit, are you able to potentially lose that amount if your property is damaged?
Is it illegal to spend tenants security deposit?
Yes! If the back rent and repairs are less than the deposit you have to give them the remainder of the deposit. But you could always makeup some bullcrap fee to eat up the rest of it like most landlords do.
I gave my tenants a 500 discount off of their 1st month's rent in exchange for them painting. They didn't paint. Can I withhold their security deposit for that amount?
Generally speaking, a security deposit and a month's rent are two different issues. In most states they cannot be intertwined. However, you can demand that they pay the discounted amount if they didn't paint, and evict them if they don't pay that amount.
