Purpose of the Security Deposit
The security deposit is designed to cover potential costs for damages beyond normal wear and tear, unpaid rent, and necessary cleaning to restore the property to its original condition.
Conditions
Amount and Collection
- Deposit Amount: Typically, the security deposit is equal to one to two months’ rent, depending on the terms of the lease.
- Due Date: The full deposit is due before or at the time of move-in.
Use of the Security Deposit
- Damages: The deposit may be used to repair any damages that exceed normal wear and tear.
- Unpaid Rent: If any rent is unpaid at the time of move-out, the deposit may be applied to cover the outstanding balance.
- Cleaning: The property must be returned in a clean condition. The deposit may be used to cover cleaning costs if necessary.
Returning the Security Deposit
- Inspection: Upon receiving notice of intent to vacate, we will conduct a pre-move-out inspection. This inspection allows tenants to address any potential issues before the final move-out.
- Final Inspection: After the tenant vacates, a final inspection is conducted to assess the property’s condition.
- Itemized Deductions: If deductions are made from the deposit, tenants will receive an itemized statement explaining the costs.
- Return Timeline: The remaining deposit, along with any required documentation, will be returned within 21 days after the tenant has vacated the property, as per California law.
Guidelines for Specific Conditions
- Walls & Paint: Minor marks or nicks are considered normal wear and tear and are the landlord’s responsibility. However, excessive damage that requires patching or repainting, especially if the unit was recently painted, may be deducted from the security deposit. Generally, if you have lived in the unit for more than two years, no deductions will be made for repainting.
- Carpeting: Normal wear and tear, such as moderate dirt or spotting, should not be charged against your security deposit. However, large rips or indelible stains may justify a deduction. For example, if a tenant damages an eight-year-old carpet that had a life expectancy of ten years, only the remaining value of the carpet’s life would be deducted.
- Cleaning: The property should be as clean as it was when you moved in. Deductions for cleaning are only made if the property is left less clean than when you moved in. Costs could include eliminating pet odors, cleaning appliances, and general cleaning.
- Vandalism: In the event that intentional vandalism is discovered at the property, 24/7 Property Management reserves the right to retain the entire security deposit. Vandalism includes but is not limited to deliberate damage to walls, flooring, fixtures, or any part of the property that goes beyond normal wear and tear. This clause is in place to cover the full extent of repair costs necessary to restore the property to a rentable condition. Legal action may also be pursued depending on the severity of the damage.
Rent Payment and Late Fees
- Rent Due: Rent is due on the first day of each month. We offer a 7-day grace period.
- Late Fees: A late fee will be applied to any rent not received by the end of the grace period.
Tenant Responsibilities
- Maintenance: Tenants are responsible for maintaining the property and addressing minor issues to prevent damage.
- Notice to Vacate: Tenants must provide adequate notice before vacating to allow for proper scheduling of inspections.
Communication
We’re committed to ensuring a smooth experience for all our tenants. If you have any questions or need assistance regarding your security deposit, please don’t hesitate to reach out. Our team is here to help and can provide clarity on any aspect of the process.
- Phone: (424) 777-9848
- Email: [email protected]
- Office Address: 8721 Santa Monica Blvd #402, West Hollywood, CA 90069
Feel free to contact us during business hours, and we’ll be happy to assist you with any concerns or inquiries.