Top Reasons Landlords Get Sued By Tenants On Security Deposit Return Mistakes

After working with thousands of real estate investors over the past several decades, we have seen a pattern in some of the most common mistakes that landlords make when they are returning a security deposit to a tenant vacating a property. When a tenant moves out of a property, the landlord must complete a security deposit disposition, where they return the security deposit to the tenant or how much money should be withheld from the tenants’ security deposit for charges due. Being aware of the six biggest mistakes that landlords make when completing a security deposit return will set you up for success when dealing with tenants vacating and ensure you are following the law.
It is important to remember that the security deposit is the legal property of the tenant. The purpose of a security deposit disposition is to legally inform the vacated tenant of any amounts of the security deposit that are now being legally withheld by the landlord. These withholdings may only be done for damages to the property caused by the tenant, amounts past due per the lease, and withholdings must comply with the terms of the lease agreement as well as Colorado state law.
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These videos are incredibly helpful. Appreciate all the education on this!