Deposit Return

by Tom Simplot

Apr 2, 2017

With the end of the school year fast approaching, spring is often a busy time in apartment communities with move-ins and move-outs.

 

Depending on your lease, you likely will need to notify your community manager if you are planning to move out. Most leases require a 30 or 60-day Notice of Termination in writing.

 

It’s easy to find sample letters of notice of termination online and they can be customized for your situation. The letter should include your move-out date (choose an exact date) and your new address and contact information. You should include where the managers can send your security deposit. If you don’t know where you are moving, you can update the management company in writing to let them know where to send your deposit. This should not be done in a voice mail; you want a record of notification.

 

Submit your notice in person and review the move-out process with the apartment manager. These actions will help to protect you in case of a dispute and will help you manage the timing of your move. This is a good time to review how you should handle action items like utilities and cleaning.

 

Packing up and leaving at the end of a lease, without notification, will create serious, unintended problems. Failure to notify your community manager or owner can result in a broken lease, especially if you have unpaid expenses related to the lease. A broken lease will likely affect your credit, as most management companies will report this to the credit bureaus, which can make it harder to secure another lease. Property debt like this should be paid off before you attempt to sign another lease.

 

Taking a few simple steps will protect you and help facilitate the refund of your money.