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Re: Security Deposit - Landlord Forum thread 322029

Re: Security Deposit by Anon E. Mouse on July 29, 2014 @16:48

                              
Yep.

Most states require the landlord to be proactive in providing the tenant with an accounting and a refund of the remaining balance of the security deposit. You've got to account for it promptly, or else you lose the right to apply it towards the unpaid balances and damage.

Under Ohio Revised Code 5321.16, you need to account for the security deposit within 30 days. If you don't, you are liable for the entire amount. Plus, if the tenant provided you with a forwarding address, the tenant can recover double damages and attorneys fees. (If he didn't provide a forwarding address, he's limited to the amount of the deposit).

As a landlord, you MUST know how to handle the security deposit.
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Re: Security Deposit by Anonymous on July 29, 2014 @17:01 [ Reply ]
Just to tack on to Anon's reply, if the tenant takes you to small claims for his SD, you must counterclaim for your damages and unpaid rent, so that if you lose on the SD issue, you can win on the costs of damage & unpaid rent.

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