Security Deposit Tip
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Security Deposit Tip

Security Deposit Tip: When you rent out a property, you probably collect a security deposit to hold against potential damage done to the property, late rent, etc. Although the laws vary from state to state, in many cases if you must evict a tenant for non-payment that security deposit can be applied toward late rent. However, make sure that you have carefully reviewed your state regulations before you do so! In some states, you must notify the tenant using specific wording and documentation before you can keep that deposit or sue for additional damages and late rents.

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