In the realm of real estate, it's common for Miami condo associations to request a security deposit from tenants, provided it's permitted by their governing documents like the declaration, articles, or bylaws, as outlined in Florida Statue Section, 718.112 (2)(k).
A condo association necessitates renters to provide a security deposit primarily for damage protection and risk mitigation.
This deposit acts as a financial safeguard against any potential damages to common areas or association property caused by tenants during their stay. Moreover, it aligns with legal requirements and ensures compliance with the condominium association's governing documents.
By requiring a security deposit, the association encourages tenants to uphold their financial responsibilities and maintain the property in good condition throughout their tenancy, ultimately protecting the interests of both parties involved.
The security deposit typically can't surpass one month's rent and must be securely held in an escrow account by the condo association. Tenants should receive a clear, written notice detailing the terms of the security deposit, and it's essential for tenants to furnish their forwarding address upon moving out, facilitating communication regarding the deposit or its return.
According to Florida Statue Section 83.49, the condo association is obligated to inform the tenant in writing within 30 days if they plan to make a claim on any portion of the security deposit. If no claims are intended, the association must return the deposit within 15 days of the tenant's departure.
About Author: Liz Kenneally, a seasoned Miami real estate agent, boasts extensive experience in the city's vibrant market. Specializing in sought-after neighborhoods including Coral Gables, Dadeland, Continental Park, East Kendall, Pinecrest, South Miami, and The Falls. Liz is fluent in both English and Spanish, ensuring smooth transactions for her diverse clientele. Contact her at 786-423-3348 or complete the simple EMAIL AGENT form located beside this blog content.