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When a tenant vacates a rental property, it's common to find some degree of wear and tear. While landlords can deduct the cost of repairs for damages beyond normal wear and tear from the security deposit, they cannot withhold funds for typical deterioration of the property due to time and use. Defining normal wear and tear can be challenging, as it encompasses the natural decline in a property's condition over time. This deterioration is inevitable, even with careful tenants, and should not be deducted from the security deposit.
To prepare for these costs, landlords should budget for minor repairs, maintenance, and cleaning between tenants. Unlike normal wear and tear, tenant damage results from neglect, abuse, misuse, accidents, or unauthorized alterations. Landlords can hold tenants responsible for such damages, including those caused by guests. It's crucial for landlords to understand the difference between normal wear and tear and tenant damage to handle security deposits and property maintenance correctly.
Webinar Objectives
Discovering new damage in your rental property can be unsettling. This session aims to provide clarity on differentiating between normal wear and tear and tenant damage. If you're struggling to classify a broken or worn item, consider whether it could result from continuous use or if it was due to neglect, abuse, or misuse. Additionally, accidents can occur, so it's important to recognize that tenant damage is not always intentional.
Webinar Highlights
Who Should Attend
Date | Conferences | Duration | Price | |
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Mar 06, 2024 | Updated rule on HOTMA | 60 Mins | $199.00 | |
Feb 06, 2024 | Navigating NSPIRE: A Comprehensive Guide to the Updated REAC System | 60 Mins | $199.00 | |
Oct 18, 2023 | REAC & the New NSPIRE Model: What you Need to Know! | 60 Mins | $199.00 | |
Sep 13, 2023 | Recent Changes to the HOTMA Regulations | 60 Mins | $199.00 | |
Sep 06, 2023 | How to Prepare For A HUD Or Tax Credit Audit With New Updates | 60 Mins | $199.00 | |
Aug 29, 2023 | Proposed New Ruling on Section 504 | 60 Mins | $199.00 | |
Aug 16, 2023 | Issues and Challenges Related to Fair Housing | 60 Mins | $199.00 |