The State of Virginia allows landlords to require a security deposit when tenants move into a rental property in order to protect against future damages or unpaid rent.
There are certain laws which must be followed by both parties in regards to that deposit. Here are the key points about the security deposit law which you'll want to know.
1. Landlords can charge 2 month's rent as a security deposit.
If a landlord charges $750 in rent, then the maximum security deposit allowed would be $1,500.
Requiring renter's insurance and having the premiums paid before moving in is included in this two months' rent maximum amount. Allowing a pet provides landlords the opportunity to charge an extra amount.
2. There is a 45 day deadline to return a security deposit.
This includes any interest that may be due. Any claims made against the deposit must be itemized and sent within this same deadline.
Security deposits begin earning interests after tenants stay in a rental for more than 13 months and is earned at a year rate.
3. Virginia allows for reasonable wear and tear.
As long as it is not damage above wear and tear that has been caused by a tenant living in a rental unit, landlords are not permitted to make a claim.
If your dog chews up some of the wood on a deck or a friend punched a hole in the wall, these would qualify for deductions.
4. Landlords can place certain cost stipulations into a lease.
Virginia allows for a lease to specifically state that cleaning fees will automatically be deducted from the security deposit.
Tenants have the option to not sign this lease and look for housing elsewhere if they do not wish to have this as part of their rental agreement.
5. Tenants can be sued for additional damages, fees, and unpaid rent.
If a security deposit does not cover all costs, then landlords are permitted to sue to recover the remainder of damages that were caused after moving out.
The Virginia security deposit law for landlords and tenants is designed to provide clear boundaries for each party so everyone knows what to expect. For questions about a specific situation, seek out professional legal assistance or read the state statutes thoroughly.
When it comes to having a tenant for the first time, it can be pretty daunting because you are going to be the corresponding landlord and a new relationship will emerge, which will need time to grow... More
The landlord and tenant laws in California are literally the same as they are in any other state. These laws, rules and regulations are put into practice because they uphold an order, a discipline,... More
People are aware that there are different rulings in each state with reference to the landlord/tenant laws. The state of Illinois also has a set of laws. These rules and regulations are basically... More
All landlords know that before they can formally become a landlord there are a lot of things they need to understand. Landlords and tenants cannot act as such without any legal bodies involved. That... More
When entering into an agreement with a potential tenant, a landlord needs to fully understand the contract that binds them into the specific relationship of being a landlord and a tenant. Now that the... More
If you’re currently considering the option of offering one of your properties for rental purposes, you should first educate yourself about the landlord tenant relationship. For the first timers, it’s... More
Landlords have many things to think of; they have to deal with legal issues, privacy issues, and so much more. Above all, they sometimes need to deal with a problem tenant. The interesting thing is... More
Most landlords may have some idea what an Estoppel Certificate is. However, many aspiring landlords are still unaware of what this certificate is all about. Basically, a tenant Estoppel Certificate is... More
Landlords have a lot of administrative work to do when they have tenants. It seems easy to let people come and live in your home, have them pay the monthly rent and carry out your daily activities.... More
There are a whole bunch of myths about lease agreements that most people believe that are simply not true: You can't rent a property without lease agreement – Actually there are laws in every state... More