Flat Fee

from $425

Our Goal

30 DAYS

Weekly Summary

REPORTS

Servicing All

FLORIDA

Residential & Commercial

KEEPING SECURITY DEPOSITS

Dealing with Tenant Security Deposits for Residential & Commercial Landlords, Investors & Property Managers is important to understand. It may be the only way that money owed from a tenant may be recovered.

RESIDENTIAL TENANCIES – Florida law explains what the Landlord, Investor or Property Manager must do to keep all or a portion of a tenant’s security deposit. Florida Statutes § 83.49 directs the Landlord, Investor or Property Manager to serve a notice on the tenant in a particular form and within a specific time period which explains how much of the tenant’s security deposit is being kept and why. There remain issues such as where to send the notice of claim against security deposit, how much information must be included within the notice claim, and when must this notice claim be sent. Serving an incorrect notice, or not serving it on time, can result in the Landlord losing all rights to keep any part of the deposit even if there are damages or unpaid rents. And if the tenant sues for a return of the deposit and wins, then the tenant if they hire a lawyer can get a judgment from the court for the Landlord to pay the tenant’s legal fees.

** AN INCORRECT NOTICE OR NOT SERVING THE NOTICE CAN RESULT IN A LOSS OF ANY RIGHT TO KEEP THE DEPOSIT EVEN IF THERE ARE DAMAGES

WHAT HAPPENS IF THE NOTICE OF CLAIM AGAINST SECURITY DEPOSIT IS NOT SENT OR IS NOT LEGALLY CORRECT?

  • Landlord could lose all right to keep any part of the deposit even if there are damages
  • Pay the tenant’s legal fees if the tenant hires a lawyer to get the deposit

HIRE US TO PREPARE THE NOTICE

We can prepare the notice of claim against the security deposit now!

If a Landlord, Investor or Property Manager does not serve a notice of claim against a security deposit or the notice is not legally correct, all may still not be lost. There are some protections available to Landlords, Investors & Property Managers. [We represent Landlords, Investors & Property Managers when Tenants make file a lawsuit or make demands for return of Security Deposits]

COMMERCIAL TENANCIES – For business/commercial tenancies, the claim against the security deposit procedures for Landlords, Investors & Property Managers are not specified within the Florida Statutes. Rather case law and the Lease agreement will provide guidance. There remain the issues of when to serve the notice of claim to the tenant, how this notice should be sent, and what can be included. For the Landlord, keeping as much as possible of the security deposit to make the Landlord whole for any damages caused to the property is crucial.

THE EVICTION LAW HELP CENTER

For Forms and Information on Holding and Keeping Tenant Security Deposits, including free forms to use see our help center today!

WHAT CAN THE SECURITY DEPOSIT BE USED TO COVER?

How to Hold the Residential Tenants’ Security Deposits: Florida Statutes have sections about how Landlords of Residential Properties should hold tenant deposits. Florida Statute § 83.49 has specific language and options on how the security deposit should be held by Landlords, which states:
(a) Hold the total amount of such money in a separate non-interest-bearing account in a Florida banking institution for the benefit of the tenant or tenants. The landlord shall not commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any other way make use of such moneys until such moneys are actually due the landlord;
(b) Hold the total amount of such money in a separate interest-bearing account in a Florida banking institution for the benefit of the tenant or tenants, in which case the tenant shall receive and collect interest in an amount of at least 75 percent of the annualized average interest rate payable on such account or interest at the rate of 5 percent per year, simple interest, whichever the landlord elects. The landlord shall not commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any other way make use of such moneys until such moneys are actually due the landlord; or
(c) Post a surety bond, executed by the landlord as principal and a surety company authorized and licensed to do business in the state as surety, with the clerk of the circuit court in the county in which the dwelling unit is located in the total amount of the security deposits and advance rent he or she holds on behalf of the tenants or $50,000, whichever is less. The bond shall be conditioned upon the faithful compliance of the landlord with the provisions of this section and shall run to the Governor for the benefit of any tenant injured by the landlord’s violation of the provisions of this section. In addition to posting the surety bond, the landlord shall pay to the tenant interest at the rate of 5 percent per year, simple interest. A landlord, or the landlord’s agent, engaged in the renting of dwelling units in five or more counties, who holds deposit moneys or advance rent and who is otherwise subject to the provisions of this section, may, in lieu of posting a surety bond in each county, elect to post a surety bond in the form and manner provided in this paragraph with the office of the Secretary of State. The bond shall be in the total amount of the security deposit or advance rent held on behalf of tenants or in the amount of $250,000, whichever is less. The bond shall be conditioned upon the faithful compliance of the landlord with the provisions of this section and shall run to the Governor for the benefit of any tenant injured by the landlord’s violation of this section. In addition to posting a surety bond, the landlord shall pay to the tenant interest on the security deposit or advance rent held on behalf of that tenant at the rate of 5 percent per year simple interest.

NEED HELP ON A CURRENT EVICTION?

Talk to us! Fast Evictions with Flat Fees, Call Now! (877) 573-8428