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Landlord Newsletter March 23, 2010

The LPA Newsletter March 23, 2010

Dear Fellow Landlord,
One extremely common dilemma for landlords is when the tenant decides to apply the security deposit to the rent. Many landlords feel forced to accomodate the tenant's demands and are left with no security deposit and lots of damages and expenses. That is not the way it is supposed to be! And I don't want you to let that happen again.

In this issue:

  • The tenant wants to use the security deposit as rent?
  • Settlement Charges Guide - Free Form Download
  • Wealth Secrets & Success Quotes

Please e-mail us if you have any questions or would like to add or share any material / information.
John Nuzzolese
John@theLPA.com


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The tenant wants to use the security deposit as rent?

By John Nuzzolese

So your tenant asked to use the security deposit as rent? This happens to landlords everywhere every day. The rent isn't paid, you ask the tenant for the rent and they say, "We don't have the rent this month, couldn't you just take it from our security deposit?"... or ... "We are moving - you'll just have to use our security."

Most landlords are caught off guard and are just dumbfounded when this happens. Beware, this is a common occurrence in the landlord business.

How can we be prepared to deal with this situation? First, it is very important that your rental agreement contains a good security deposit clause, like the LPA Lease does. I believe it is very important to read the lease to the tenant before the tenant signs it. The Security Deposit clause explains how security money may not be allowed to be used as rent. That's when I warn the tenant against trying to use the security deposit as rent.
These are the points I try to make very clear to the tenant:

  • Security is to be kept in a special escrow account for the entire term of the tenancy.
  • Security may not be used by the landlord for any reason other than physical or financial damages as a result of the tenant's failing to comply with the lease contract.
  • Failure to pay rent is cause for eviction which will result in the destruction of your credit rating....

    click for the full article...



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    FREE LPA FORM DOWNLOAD

    This form helps support security deposit deductionsSettlement Charges Guide
    Alerts the tenant before or after tenancy what kind of move out charges he or she can expect for damages, cleaning or neglect caused as a result of tenant's occupancy. Some landlords send this form along with the Security Deposit Settlement to show how certain deductions from the security were calculated. What many tenants consider "normal wear & tear" are really damages and neglect that they should pay for.

    Click here to purchase or to read about LPA Essential Landlord Forms and descriptions.


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    Wealth Secrets and Success Quotes

    "Drive thy business or it will drive thee." - Benjamin Franklin

    "When you are in any contest you should work as if there were - to the very last minute - a chance to lose it. " - Dwight D. Eisenhower

    "The greatest risk of all? ... Not to risk." - Anonymous

    "Nothing is particularly hard if you divide it into small jobs." - Henry Ford

    "Beware of the young doctor and the old barber." - Benjamin Franklin

    "Try not to become a man of success but rather to become a man of value." - Albert Einstein

    "How much did your last tenant problem cost you?" - John Nuzzolese, The Landlord Protection Agency

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