ALLOWING THE PROPERTY OWNER TO HOLD TENANT DEPOSIT FUNDS IS DANGEROUS AND IS TO BE AVOIDED
- The Owner may not place the deposit funds in a proper Florida escrow account as required by Florida law.
- The Owner may comingle the funds or spend the Tenant’s deposit funds.
- The Owner may die or be foreclosed on while holding the Tenant’s deposit funds.
- The Owner may file bankruptcy while holding the Tenant’s deposit funds.
- The Property Manager is not allowed to transfer the deposit funds out of state.
- The Property Manager loses control of the funds and cannot properly make a claim on the funds when the Tenant vacates.
- The property may sell and the Property Manager has no control of the deposit funds transfer if the transfer even occurs.
- The Tenant will look to the Property Manager for the deposit funds when the Property Manager has no control over them.
- The Tenant may sue the Property Manager or Property Management Company for deposit funds that the Property Manager or Property Managment Company has no control over.
- If the Owner actually still has the deposit funds, the Property Manager must rely upon the Owner to disburse any deposit funds due to the Tenant upon the Tenant vacating in the timeframe required by law.
- The Property Manager must use a proper DISCLOSURE telling the Tenant at lease signing that they do not have the deposit funds or any control over the deposit funds.
DEPOSIT FUNDS SHOULD BE KEPT IN THE ESCROW ACCOUNT OF THE PROPERTY MANAGEMENT COMPANY IF THE PROPERTY WILL BE MANAGED BY THE PROPERTY MANAGEMENT COMPANY.
IF IT IS A FINDER’S FEE ONLY TRANSACTION, THE FUNDS SHOULD BE SENT DIRECTLY TO THE PROPERTY OWNER BY THE TENANT, THE LEASE MUST BE CLEAR AS TO WHO IS HOLDING THE FUNDS AND A PROPER DISCLOSURE SHOULD BE USED SO THE TENANT IN NO WAY THINKS THE FINDER’S FEE ONLY AGENT HAS ANY CONTROL OVER THE FUNDS.
LAW OFFICES OF HEIST, WEISSE & WOLK, PLLC
“Serving the Property Management Professional”
www.evict.com www.evicttv.com www.evictforms.com info@evict.com
- STORM
- SALE
- PETS
- RENT
- LEASE
- EVICTIONS
- LIABILITY
- LEAD
- ABANDONMENT
- DEATH
- DEPOSIT
- EVICTION
- APPLICATION
- BANKRUPTCY
- ATTORNEYS FEES
- ADVANCE RENT
- DEPOSITS
- RENTAL FURNITURE
- FLOOD
- FIRE
- LIABILITY AVOIDANCE
- CARPET
- NONCOMPLIANCE
- ACCESS
- PET DEPOSIT
- EARLY TERMINATION
- CORPORATE TENANTS
- SATELLITE DISHES
- RENEWING A LEASE
- REMOVING A TENANT FROM A LEASE
- REFERRAL FEES
- LEASE BREAK
- CORPORATE TENANT
- APPLICATION AND SCREENING
- LAWSUIT
- LEASE SIGNING
- NOTICE SERVING
- REPAIRS
- NONCURABLE NONCOMPLIANCE
- TENANT PAINTING
- LEASE BREAKS
- TENANT DEATH
- ATTICS
- UNAUTHORIZED OCCUPANTS
- TAX LIENS
- SUBLETTING
- SQUATTERS
- LEASE SIGNING AND POA
- SHOWINGS
- CREDIT REPORT
- NONRENEWAL
- ESA AND SERVICE ANIMALS
- SECURITY DEPOSIT REFUNDING
- SCREENS AND WINDOWS
- RENT ABATEMENT
- RENEWAL CONFIRMATION
- REMOVING A TENANT
- PROCESS SERVER
- PRESSURE WASHING
- PREPAID - ADVANCE RENT
- PRE AND POST CLOSING OCCUPANCY
- PERSONAL PROPERTY
- DEPOSIT FUNDS
- NSF CHECKS
- MOLD
- NOTICES
- INSURANCE
- HVAC
- HOT TUB
- HOMESTEAD
- SECURITY DEPOSITS
- FIREPLACE
- SAFETY
- DOG BITES
- DISCLOSURE
- NONCOMPLIANCES
- CORPORATIONS
- LATE RENT
- CARBON MONOXIDE
- ASSOCIATIONS
- AIR CONDITIONING
- POOLS
- RELEASES
- FICTITIOUS NAMES
- SUING AND COLLECTIONS
- COLLECTIONS AND SUING
- YOUR TENANT SERVED YOU WITH A 7 DAY NOTICE - WHAT DOES THE TENANT WANT?
- WHAT DOES THE TENANT WANT?
- VERBAL AGREEMENTS
- TERMINATING DUE TO A MAJOR REPAIR NEED
- TERMINATING DUE TO MOLD
