Real Estate: Florida/Question

Advertisement


Question
Good day
With reference to a rental lease for which I am renewing for the same tenant as prior year, but with a different lease in Florida, I have the following question:
1. Tenant paid a security deposit for year ending of which I am currently holding. Want to find out if I am able to use the current security deposit for the new lease (same amount) or do I need to write a check for tenant for refund and then let tenant write me a new check.
If I am able to use the same security deposit for the new lease what should I document and put in writing.
2. Also I spoke to my tenant and I would be overseas for the renewal period. Would not be able to visit the property till next year. My tenant has paid on time and claimed the property is in good condition during the current lease which is ending in a month. If I am unable to be at the property for an inspection for the new lease, is there anything I should put in writing to document no inspection of property was done and tenant claimed property was in good condition.

Answer
Sam,
Answers to your questions:
1.  Yes, you can use the current deposit without having to release it and have the tenant give  you another check. Just make sure the new lease states you have a security deposit, what amount and where it is being held.

2. Inspection - do not worry about it.  You are holding the security deposit.  You can inspect the property at anytime thus when you return from overseas you can inspect.  Whatever is convenient to you.

I hope this helps.

Regards,
Steve Schiffer
Olde Town Brokers, Inc.

Real Estate: Florida

All Answers


Answers by Expert:


Ask Experts

Volunteer


Steve Schiffer

Expertise

Questions about buying, selling, renting or investing in residential and small commercial real estate.

Experience

Licensed real estate agent since 2003

Organizations
Orlando Regional Real Estate Associate (ORRA)

Publications
WKMG Channel 6

Education/Credentials
GRI

Awards and Honors
Voted Orlando Magazine Hot Realtor in '06 & '07

©2016 About.com. All rights reserved.