By Trevor Rhodes

The Definitive consultant for Every Landlord

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BONUS CD-ROM FEATURES: Ready-to-print apartment purposes, rent agreements, checklists plus landlord-tenant legislation for all 50 states, and lots more and plenty more!

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Extra info for American Landlord Law: Everything U Need to Know About Landlord-Tenant Laws (American Real Estate)

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Chapter 10 goes further into the issue of co-tenancies. What If a Tenant Sues Me? Well, unfortunately, it does happen. A tenant can have as long as 10 years in some states to come back at you for something as simple as the remaining security deposit. Again, most of these cases are filed in a small claims court, which usually handles disputes of $5,000 or less. On the next four pages are two guides for every state regarding how much time tenants have to file a case against you and the maximum amount they can collect in a small claims court.

Therefore, you may want to consider the impact your request may have on your landlord-tenant relationship and whether the increase is truly needed to offset a reasonable amount of risk. Just be consistent. Proper Collection and Handling Selling the Property (Transferring the Deposit) Your intentions may be to hold on to your investment properties for the rest of your life. But if there comes a point in time where you decide to sell one, it’s important to remember to transfer the security deposit funds along with your assignment of the lease to another landlord unless, upon the sale of the property, tenancy will be terminated.

Carpeting The same premise for painting basically goes for carpeting, as well. However, “normal wear and tear” must be examined more closely here. ), it is common for the tenant to be required to pay for at least a percentage of the replacement. “Normal wear and tear” is commonly defined as everyday residential traffic. 47 48 Chapter 3: Returning the Security Deposit However: If it was genuinely time for the carpet to be replaced anyway, the tenant should not incur any of the replacement costs.

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