How Do Security Deposits Work?
Security Deposits Provide a Safety Net for Landlords and Tenants
In short, a security deposit is a set payment that generally occurs with initial payment at a lease signing. A lease agreement should indicate a set amount for the security deposit. The tenant may receive their security deposit back in full up to 31 days after termination of the rental agreement if there is no damage beyond the normal amount of wear and tear, and if the rules stated in the rental agreement are followed. Security deposits are payments that differ from cleaning fees, for example, and any applicable fees should first be used to pay for damages or cleaning before the funds from a security deposit may be used.
A landlord's failure to return a full security deposit within 31 days without providing a written explanation is a violation of landlord tenant law which can result in the landlord being sued for up to twice the amount of the security deposit. There are a variety of other issues that may arise concerning security deposits, such as in cases where the tenant was forced out due to unforeseen circumstances such as
mold or the property being condemned by the city. These matters are usually carried out in small claims court, and can become costly for landlords who do not have proper legal representation, especially if the tenant is represented by one of the many lawyers in the area that make a living by representing tenants in these disputes.
Advice Concerning Security Deposits in Oregon
Over the past 16 years, we have worked hard to defend the interests of landlords throughout Portland and the rest of Oregon. Our legal team has assisted landlords in drafting detailed rental contracts that cover damage disputes, security deposits,
evictions and other issues as effectively, as the law allows. At Murphy Law Group P.C. we believe in the importance of keeping clients informed and educated when it comes to the disputes they have with tenants, and in ensuring that they operate within the law in all such matters, as this protects them in legal disputes. Through straightforward communication and a common understanding, we have helped many landlords regain control over their rental properties and build protections for the future.
Contact a professional for
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about security deposits and how they can protect landlords renting to tenants in Oregon.