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Re: Pre-Paid Rent
by Shaun (FL)
on February 9, 2012 @10:58
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Mr. Dan I didn't know that. Learn something new everyday ;-)
Which statute number? If you happen to know.
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Re: Pre-Paid Rent
by MrDan (Georgia)
on February 9, 2012 @11:16
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LANDLORD TENANT ACT
Section 83.49 of the Florida Statutes provides that the landlord has certain obligations to the tenant
with respect to any monies deposited or advanced by the tenant as security for the faithful performance
of the rental agreement or as advanced rent.
There are three options available to the landlord or his agent when dealing with the security deposit or
advanced rent. They are:
1. The Landlord may hold the money in a separate non-Interest bearing account in a Florida
banking institution.
2. The landlord may hold the money in a separate interest bearing account in a Florida banking
institution. Under this option, the Tenant is entitled to receive at lease 75% of the annualized
interest rate payable on such account OR simple interest at the rate of 5% per year, whichever
the Landlord elects.
3. The Landlord may post a Surety Bond with the Clerk of the Circuit Court in the country where
the property is located in the amount of the security deposit and advancements. Under this
option the Landlord is also obligated to pay the tenant simple interest at the rate of 5% per
year.
Additionally, within thirty (30) days after receipt of advance rent or security deposit, the landlord is
obligated to notify the tenant in writing of the manner in which the Landlord has elected to hold the
security deposit or advance rent.
The Florida Landlord-Tenant Act makes the obligations of the landlord with respect to advance rents
and security deposits MANDATORY upon all property owners who lease property. Failure of the
Landlord to comply may result in the Landlord not being able to apply the security deposit for
damages caused by the tenant and may make the landlord subject to a fine.
The real estate commission cannot be paid from the advance rent or security deposit. The landlord
must make arrangements with the listing realtor for payment of any commission due.
The Landlord and tenant should refer to section 83.49 of the Florida statutes for complete information
and requirements regarding deposit money or advance rent as this form is an overview and is for
informational purposes only.
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Re: Pre-Paid Rent
by Shaun (FL)
on February 9, 2012 @15:03
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[ Reply ]
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Thank you Mr. Dan.
I knew that section I never caught the "or advance rent".
don't you just love section 2... "5% interest". Wish I could fine an institution that paid 5% interest.
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