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Thomas McJD
Thomas McJD, Lawyer
Category: Landlord-Tenant
Satisfied Customers: 46
Experience:  Landlord-Tenant Law Expert
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One second please. I am a property manager for a 3 plex bldg

Customer Question

One second please.
JA: What state is the property located in? And has anyone consulted a local attorney about this?
Customer: I am a property manager for a 3 plex bldg in S.D. and the owner is out of state in AZ. These owners have not set up a trust band acct for the security deposits and have a tendency not to return the deposit for clean up and ordinary wear and tear. I have advised them against this.
JA: What are the terms of the lease? Any issues related to maintenance or upkeep?
Customer: Each time they have done this I have requested that I get my 10 compensation as I consider the security deposit as income I have brought in.
JA: OK. To minimize me, please click the down arrow at the top right corner of this box.
Customer: what is going on?
JA: I'm good. And you?
Customer: Where is the lawyer?
JA: Anything else you want the lawyer to know before I connect you?
Customer: Landlord states that security deposit is not considered income and is refusing to compensate. I am supposed to get 10 % of GROSS RECEIPTS.
Submitted: 8 months ago.
Category: Landlord-Tenant
Expert:  Roger replied 8 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

A security deposit generally is not considered as income because it is the tenant's money to be held in trust and returned to the tenant if there is no damage above normal wear and tear when the tenant moves out.

Expert:  Roger replied 8 months ago.

Thus, it is not very likely that you should be entitled to a percentage of the secure deposit because it is not income - it is security.

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