In Florida, practically every landlord requires a security deposit. A tenant gives it to the landlord as proof of intent. It signals that they will cover any damages and pay rent as per the terms of the lease agreement.
The Florida security deposit laws are contained under the statewide landlord-tenant laws. Since security deposits are often a source of conflict between landlords and tenants, knowing these laws is crucial.
If you’re a landlord or tenant in Florida, here is everything you need to know about the state’s security deposit laws.
Florida’s landlord-tenant laws state that there is no limit to the security deposit amount a landlord can charge. But generally speaking, most landlords charge the equivalent of one* and a half or two month’s rent.
In Florida, landlords can store a tenant’s deposit in three ways. One, by posting a surety bond. Two, by storing it in an account that bears interest. The interest accrued should be paid to the tenant annually and at the end of the lease period. Lastly, the landlord can store the tenant’s deposit in a non-interest yielding account.
The Florida rental laws state that landlords need to notify tenants in writing within 30 days after receiving their deposit. The notice must state the following things:
If for whatever reason the landlord changes the location or terms at which the deposit is being held, he or she must notify the tenant in writing within 30 days.
A walk-through inspection helps to check the property’s condition. Typically, landlords require tenants to return the property as close to its initial condition as possible. If the tenant doesn’t, the landlord may hold them liable for the excessive damages.
Examples of excessive property damages (past normal wear and tear) include:
But back to the question at hand: Is a walk through inspection required under Florida? No, it’s not a requirement under Florida’s security deposit laws.
A renter must adhere to all terms of the Florida lease for the landlord to return their security deposit. If not the Florida landlord has the right to only return the appropriate portion of the deposit. Below are some examples of when a landlord doesn’t have to return a tenant’s deposit.
In regards to security deposits, the Florida statute requires a landlord to return a tenant’s deposit within 15 days after they move out. In addition, the landlord must also include any interest accrued.
If there are any deductions, then the Florida landlord must notify the renter within 30 days of their intention. Failure to do this within 30 days, the landlord forfeits their right to make any deductions.
If the renter doesn’t object to the deductions, then the landlord has 30 days after the initial written notice to return a portion of the deposit to the renter.
However, if the tenant objects, then the landlord can move to a small claims court.
The landlord has two options if they sell their property. One, to transfer all the tenant’s deposits to the incoming owner. Then, notify the tenant. The notice must include the name of the new owner as well as the transferred amounts. Once this is done, the incoming landlord takes all liabilities pertaining to the deposit.
Or two, return all deposits directly to the renter. If there are deductions, then the landlord must also include an itemized list of the deductions alongside the portion of the deposit being returned.
There you have it. A summary of Florida’s security deposit laws. If you have specific questions, kindly feel free to ask us any time!
Disclaimer: This post is not meant to be used as a substitute for legal advice from a lisenced professional. If you have questions or would like help contact an attorney or property management company.
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