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There are now strict laws governing the taking and handling of security deposits, in order to control the possible abuse. Landlords who don't follow these laws exactly may risk paying as much as triple the amount the tenant has paid as a deposit in damages,,,,,,,,,, and all the tenant has to do is report them. If you decide you must take a security deposit, check out the law carefully. Give your tenant a correctly worded receipt, complete a "condition survey report" and an inventory, escrow or pay the security deposit into an approved account, tell the tenant the account's location, and (finally) return the security deposit (only with correctly itemized deductions) within 10 days after your tenant moves. You must take all the necessary precautions to handle the deposit with care and also be in a position to put a case forward if you need to claim against the security deposit. Any mistakes or omissions by you as the landlord or by your agent agent could mean that you are not entitled to claim against the security deposit for any damages by the tenant. You can find out more information on how to protect yourself and your asset by subscribing to receive your copy of the FREE newsletter at http://www.investmentproperty-secrets.com You will get a whole deal of information and tips on the necessary steps you must take to ensure that if your tenant damages anything in your property that you are protected to be able to recover the cost from the tenant and also being able to use the security deposit to pay for the damage.
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