When you will find the higher quality tenants for your property then there are few important things that you have to do before handover the keys to them and that is making a rental agreement and taking security deposits from the tenants. Security deposit is the sum of money that the tenant agrees to pay to the landlord before moving into his property. It is generally equal to the one or two month’s rental charge. There are many reasons to take security deposit from the tenants and some of the benefits are listed below:
Tenants more careful
When you take security deposits from the tenant then they become more careful about your property and keep it maintained. They will now not break the rules as mentioned in the rental agreement.
Safeguard against damages
You can deduct the repair or maintenance charges from the security deposit if the tenant will make severe damages to the property. So, they will be more careful about this to not to make any damages otherwise they have to pay the damage cost and the landlord has the full right to keep the security deposit.
Safeguard against non-payment of rent
Sometimes tenants fail to pay the rent or just refuse it to pay in that case you can evict the tenant and keep the security deposit.
These are the benefits of the security deposits but there are some laws that you must know as a landlord to keep the security deposit. You have to include the amount of security deposit in the rental agreement. And in some state it is also a rule that the landlord should give a receipt to the tenants when taking security deposit from them. You must know these things before taking security deposit from tenants.
There is no one rule for collecting security deposit in United States in fact it changes from state to state. You need to know your state law for collecting and keeping the security deposit. And also the reasons you can deduct amount from security deposit. In that case you should hire professional property management company that are well aware of the landlord tenants law. They will manage your property in legal way. You just need to find the right and reliable relocation company. If you reside in Baltimore or anywhere in USA so, for your rental or residential property you can hire maryland property management company who are professional and will manage your property in awesome way.