Now you have found an off-campus house!! What’s the deal with that dang deposit??

Table of Contents Fees and Deposits Fees and Deposits How much is reasonable? How much is reasonable? Move-in/Move-out checklists Move-in/Move-out checklists Dividing up Damage Costs Dividing up Damage Costs Documentation Documentation Giving Notice When Moving Out Giving Notice When Moving Out Timeline for Deposit Return Timeline for Deposit Return Normal Wear and Tear Normal Wear and Tear Avoiding Deposit Disagreements Avoiding Deposit Disagreements

Is there a difference between a FEE and a DEPOSIT? A fee is a NONREFUNDABLE payment for certain services. There are several types of fees. A fee is a NONREFUNDABLE payment for certain services. There are several types of fees. A deposit is a refundable payment made to the landlord when you sign the lease. There are a couple of types of deposits that a landlord will ask for. A deposit is a refundable payment made to the landlord when you sign the lease. There are a couple of types of deposits that a landlord will ask for. Not all landlords charge fees or require deposits. Be sure to know what you are paying for. Not all landlords charge fees or require deposits. Be sure to know what you are paying for.

Fees Holding fee - paid to keep a rental available for your option to move in. This is most likely applicable to your first-month's rent. Holding fee - paid to keep a rental available for your option to move in. This is most likely applicable to your first-month's rent. Cleaning fees - used to clean the rental after you move out. Unless it is specified in writing that the cleaning fee is non-refundable, the landlord cannot withhold part of the damage deposit to pay for cleaning costs. Cleaning fees - used to clean the rental after you move out. Unless it is specified in writing that the cleaning fee is non-refundable, the landlord cannot withhold part of the damage deposit to pay for cleaning costs. Presentation fee - a non-refundable fee that will be used to advertise the rental after you move out. Presentation fee - a non-refundable fee that will be used to advertise the rental after you move out.

Deposits Security deposit - protects the landlord from monetary damages that you might cause. For example, if you decide to move out without paying rent, your landlord could keep part of the deposit to cover the loss. Security deposit - protects the landlord from monetary damages that you might cause. For example, if you decide to move out without paying rent, your landlord could keep part of the deposit to cover the loss. Damage deposit - protects the landlord from having to cover physical damages you may cause to the rental. Damage deposit - protects the landlord from having to cover physical damages you may cause to the rental. Last month's rental deposit - protects the landlord from losing rent money if you move out early. Last month's rental deposit - protects the landlord from losing rent money if you move out early.

How much is reasonable? Around this area there is an average of about $1000 per house or about $200 per person. There is not, however, any legal restriction so a landlord can require any amount he or she would like. Around this area there is an average of about $1000 per house or about $200 per person. There is not, however, any legal restriction so a landlord can require any amount he or she would like. Whether the deposit is per house or per person depends on the landlord. It is up to him or her how the deposits are handled. Whether the deposit is per house or per person depends on the landlord. It is up to him or her how the deposits are handled.

Checklists If your landlord requires a deposit, he or she must also have checklists for moving in and out to track damages you may be responsible for If your landlord requires a deposit, he or she must also have checklists for moving in and out to track damages you may be responsible for Without a completed checklist, the landlord is not allowed to keep any of the deposit. Without a completed checklist, the landlord is not allowed to keep any of the deposit. Click here for an example of a checklist Click here for an example of a checklist Click here for an example of a checklist Click here for an example of a checklist

Dividing up Damage Costs It is best to address damage done when it occurs rather than waiting until you are ready to move out. Communication between you and your roommates AND your landlord is vital when it comes to getting the deposit returned. It is best to address damage done when it occurs rather than waiting until you are ready to move out. Communication between you and your roommates AND your landlord is vital when it comes to getting the deposit returned. If terms and conditions are adequately outlined in writing and all parties involved have agreed to them, there should not be any problems in dividing up costs and receiving a portion of the deposit. If terms and conditions are adequately outlined in writing and all parties involved have agreed to them, there should not be any problems in dividing up costs and receiving a portion of the deposit.

Documentation Documentation is the best way to make sure that a deposit is returned to you. Take photos, keep receipts, and write summaries of repairs, etc. Documentation is the best way to make sure that a deposit is returned to you. Take photos, keep receipts, and write summaries of repairs, etc. In addition to filling out a move-in and move-out checklist, it is a good idea to take pictures of the condition of the house upon moving in. In addition to filling out a move-in and move-out checklist, it is a good idea to take pictures of the condition of the house upon moving in. In the case of repairs done to the house while you are living there, written reports will serve to ensure that you are not charged for that damage again when it comes time for the deposit to be returned. In the case of repairs done to the house while you are living there, written reports will serve to ensure that you are not charged for that damage again when it comes time for the deposit to be returned.

Giving Notice When Moving Out If you have signed a year-long lease, you do not need to give the landlord notice about when you are moving out. When your lease runs out, you have 3 choices of action: 1. You can move 2. You can sign another fixed-term lease with your landlord or 3. you can stay on as a month-to- month tenant if your landlord agrees. If you have signed a year-long lease, you do not need to give the landlord notice about when you are moving out. When your lease runs out, you have 3 choices of action: 1. You can move 2. You can sign another fixed-term lease with your landlord or 3. you can stay on as a month-to- month tenant if your landlord agrees. It is customary to inform your landlord of the day you plan to officially be moved out of the house so that they can plan for the move-in date of the next tenants and evaluate the state of the rental unit. It is customary to inform your landlord of the day you plan to officially be moved out of the house so that they can plan for the move-in date of the next tenants and evaluate the state of the rental unit. If you have signed a month-to-month lease, you need to give your landlord written notice of your intent to move out 30 days before you leave. If you have signed a month-to-month lease, you need to give your landlord written notice of your intent to move out 30 days before you leave.

Timeline for Deposit Return Once you move out, your landlord has 14 days to submit to you a written statement along with your deposit or an itemized statement describing any money that was withheld and any remaining balance. Once you move out, your landlord has 14 days to submit to you a written statement along with your deposit or an itemized statement describing any money that was withheld and any remaining balance. Give your landlord your forwarding address so that she/he can send you the deposit or itemized statement. If the landlord is not able to reach you, she/he is allowed to keep the deposit Give your landlord your forwarding address so that she/he can send you the deposit or itemized statement. If the landlord is not able to reach you, she/he is allowed to keep the deposit The landlord may not use the deposit to pay for normal wear and tear. The landlord may not use the deposit to pay for normal wear and tear.

What is Wear and Tear? Ordinary wear and tear can be difficult to define. Things such as sun damage, minor marks or nicks in the wall, moderate dirt or spotting on the carpet, faded paint on the walls, and water-stained linoleum by the shower are things that can be considered wear and tear. Ordinary wear and tear can be difficult to define. Things such as sun damage, minor marks or nicks in the wall, moderate dirt or spotting on the carpet, faded paint on the walls, and water-stained linoleum by the shower are things that can be considered wear and tear. Anything that could have been prevented with common-sense thinking and a little care would be your responsibility to repair or replace. Anything that could have been prevented with common-sense thinking and a little care would be your responsibility to repair or replace.

Avoiding Deposit Disagreements Ask your landlord to lay out specific guidelines about cleaning rules in the lease because this is where deposit issues usually get a bit sticky. Ask your landlord to lay out specific guidelines about cleaning rules in the lease because this is where deposit issues usually get a bit sticky. If you have already signed the lease and are unsure about what the landlord expects, write out a cleaning plan and submit it to him/her. Ask for a response about disagreements or additions to your plan. If you have already signed the lease and are unsure about what the landlord expects, write out a cleaning plan and submit it to him/her. Ask for a response about disagreements or additions to your plan. If your landlord takes away from your deposit because of cleaning expenses that he/she did not respond to your cleaning plan about, you have evidence that he/she is being unreasonable. If your landlord takes away from your deposit because of cleaning expenses that he/she did not respond to your cleaning plan about, you have evidence that he/she is being unreasonable.

Finals Thoughts Communication is Key Settle Disputes when they Occur Off-Campus Student Services is available to help you negotiate the return of your deposit. Stop by our office, call, or for more information. Wheelock Room 203 (253)