Florida Security Deposit Attorney
If you have ever looked for property to rent in Florida, you understand that most leases require you to send the landlord a security deposit.
However, when you send this money to the landlord, do you know where the money actually goes? What information related to the deposit are you entitled to know? What can you do if your landlord makes the claim that you broke the lease and tries to keep the deposit you made?
If you are in this type of situation, it is best to contact Florida security deposit attorney who understands rental leases in Miami. They can investigate the situation and help to protect your rights. Some other information about security deposits in the state of Florida is found here. Our team HLF Real Estate Law can help you in your security deposit case.
No Limit on the Deposit Amount
In the state of Florida, there is no limit on what the landlord can set the security deposit rate at. However, if they set it too high, it would drive away possible tenants. This is why it is rare for the deposit to be bigger than one and a half times the cost of the rent for the month.
Where does the Money Go?
There are three ways that your landlord can store your security deposit:
- Surety Bond: This protects the tenant from the landlord reneging on the arrangement that has been made. The tenant receives five percent annual interest on the deposit, as long as they don’t break the lease.
- Interest-Bearing Account: It is also possible to place the deposit made into an interest-bearing account. Five percent simple interest is going to be given back to the tenant.
- Non-Interest Bearing Account: The landlord has the option to place the security deposit in this type of account. They cannot use the money unless the tenant breaks the lease. It also can’t be mixed with any other funds.
The Requirement of a Written Notice
As the tenant, you have the right to receive written notice from the landlord when your deposit has been received. This notice should include the address and name of the bank where the deposit is held, as well as the rate of interest being earned (if applicable).
What Can You do if the Landlord Tries to Withhold the Deposit?
If your landlord decides that there is too much damage to the property to return your deposit, they have 30 days to let you know this. After you receive this notice, you have 15 days to contest it. If you decide to do this, it is beneficial to have the services of landlord lawyer to help. If your case is successful, the landlord not only has to provide you with your security deposit funds but also cover all the lawyer bills and court fees associated with the case.
Contact Florida Security Deposit Attorney for Help
If you have any questions about the lease or security deposit you have paid for your rental property, contact Florida security deposit attorney today for help. Our team can investigate the situation and we will help to protect your rights.