Re: Report to credit agencies - Landlord Forum thread

Re: Report to credit agencies by Anonymous on July 9, 2012 @20:47

No..settlement letter? Thanks jake

[ Reply ] [ Return to forum ]

Re: Report to credit agencies by Jake on July 9, 2012 @21:13	[ Reply ]

This is very important. The settlement letter must go out in most states within 30 days. Try to check your state requirement on the internet. Start with the amount of your deposit at the top of a page. Then itemize the cost for cleaning, damages and every repair. If you only have estimates you can use this as a cost figure. Your cost can also include cleaning up and mowing the yard. Subtract these from the total. If your state allows deliquent rent to be deducted from the deposit, do that too. The resulting amount at the bottom of the page will likely be a negative number. Send this out to the tenant with a notice to pay the negative amount. Then file a for recovery of this amount in small claims. To do this, you will need the tenants name and current address. Hope you have the social security number too. If you do not get this settlement letter out on time the tenant will take you to court and be awarded 3Xs the deposit. Send your settlement letter by certified mail. If you do not have a current address, send it to address of your rental. If it comes back, keep it unopened in case you have to present it to a Judge in a court action.