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KJLLAW
KJLLAW, Other
Category: Landlord-Tenant
Satisfied Customers: 907
Experience:  I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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I have a question about getting my security deposit back

Customer Question

Hi I have a question about getting my security deposit back from the property management company. I am the Landlord and my property is in North Carolina. They have taken so long to return the deposit to me and it is getting me behind on fixin the things that were damaged and renting it out. It has been over 2 months can I request that they now give me more money? What is the maximum I can request?
Submitted: 1 month ago.
Category: Landlord-Tenant
Expert:  KJLLAW replied 1 month ago.

Good afternoon

Customer: replied 1 month ago.
Hi...
Expert:  KJLLAW replied 1 month ago.

Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

A little background. In North Carolina property management companies are considered real estate activities under existing North Carolina real estate licensing laws. If a property manager is engages in the business of leasing, renting, or listing, or offers to perform any of those acts, a broker’s license is required

Under law, and in accordance with North Carolina Real Estate Commission guidelines, your tenant’s security deposit should have been held in an escrow account, also known as a trust account.

At lease termination we will inspect the property and the security deposit will be returned to the tenant less any costs to repair damages that exceed normal wear and tear. The North Carolina Real Estate Commission has strict policies as to the handling of security deposits that must be followed to the letter of the law.

You may have signed a contract with the property managers, and if you did the terms and timeline for returning the tenant’s security deposit should be detailed. Look through the contract, and determine if there is a time frame stated, and if they are outside the time to return the deposit to you, and any notice requirements.

If they are just refusing to return the you have two option, the first would be to start an action in small claims court against the property management company for breach off the contract and your damages, which includes all expenses and costs associated with their failure to return the deposits, including the delay and cost incurred by you in repairing and re-renting. So your demand should include the rent lost from future tenants and any costs in the delay. You should write a letter to them detailing your expenses and lost rent from their failure to turn over the security as required by the law.

The other option would be to file complaint with the North Carolina Real Estate Commission at (###) ###-####who regulates real estate management companies and their license. You can also file a complaint online at https://www.ncrec.gov/. They will investigate and force a resolution in the retention and failur to return the security, which is only held in a trust account by the company and is not their money.

It was a pleasure assisting you today, and I would appreciate if you would rate my service, so I will receive credit and payment for my work. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

Expert:  KJLLAW replied 1 month ago.
If you have any other questions just ask.
Expert:  KJLLAW replied 1 month ago.

If you have any other questions just ask.

Expert:  KJLLAW replied 1 month ago.

If you have any other questions just ask.