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blueGrassNewLandLord

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Posts: 5
Reply with quote  #1 
Hi all, I have a question about security deposit  and property mgt company:

I hired a property mgt company, sign a 1 yr contract with them, they brought a tenant into my property with
a 1 yr lease. now their(property mgt company) contract is expired, and so tenant lease.
I decided to not to renew the property mgt contract and do management by myself.
Tenant wants to stay in my property, now I ask property mgt company to send me Tenant's security
deposit and they say that it is illegal to send security deposit back to landlord so they are sending
security deposit back to tenant.
Does the landlord legally ask property mgt company to not to send security deposit to the tenant
instead just send to the landlord? is it ok for property mgt company to send security deposit to the tenant?
Thanks for your help.
- Sam

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OHlandlord

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Posts: 3,811
Reply with quote  #2 
Tell that PM that they are full of it.  That deposit belongs to you to hold against any possible damage to the property.  That deposit was never theirs in the first place, they were only holding it as your agent.  Now that they are no longer your agent, they need to return it to you. Deposits do not go back to the tenant until they have vacated from the property.    Let that PM company know that if they return the deposit to the tenant you will hold them responsible for any damages to the property.  After all, you had a perfectly good deposit to hold against such damages that they returned to the tenant!  Demand that the deposit be returned to you immediately or you will sue them.
blueGrassNewLandLord

Registered:
Posts: 5
Reply with quote  #3 
Hi OHlandlord, thanks for advice, really helpful.

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