Security Deposit refunds are due back to the tenant within 30 days, unless your lease agreed to more, but no longer than 60 days. The Landlord owes the tenant a statement of withholdings, essentially showing the reason any funds were not returned to the tenant upon vacating. This includes amounts for unpaid rent, utilities, cleaning or damages. If a landlord withholds without following these procedures or documenting the withholding, then the tenant can sue for a refund, including treble damages and legal fees. The judge can award up to 3 times the amount withheld. The best defense to this issue is to DOCUMENT, DOCUMENT, DOCUMENT!!! At my Property Management company, we take a minimum of 300+ photos of each property before the tenant moves in. We have a move-in report for our owners and we send a phone app to our tenants (MyWalkThru) for the tenants to take photos of the property. If there was no damage noted on one of those items and then there was damage at the end of the lease, we have a very strong case for the judge to support our withholding of security deposit funds. If you have any more questions about this topic, reach out to my team at PMI Elevation. This video is for informational purposes only and not for the purpose of providing legal advice. You should contact your legal counsel or tax professional for further guidance on this issue. PMI Elevation – Property Management Inc. www.DenverPropertyManagementInc.net 720-744-0790
