Managing the Cost of Evicting a TenantBy Dixie Somers
Editor's Note: This was originally published on RISMedia's blog, Housecall. See what else is cookin' now at blog.rismedia.com:
Managing Costs Before evicting a tenant, you should:
What to Keep in Your Bank You are advised to keep the security deposits in a separate account from the rent. As a landlord, you must never forget that only the rent belongs to you whereas the security deposit goes to the tenant. It therefore acts as an asset that the tenant has entrusted you to keep for him or her. You can only withhold it to compensate for the damages that the tenant may have caused to the unit, and you should also use some money to pay for a moving company to relocate the tenant's property. Always Follow Protocol Following a notification protocol will also help you in managing the eviction costs. With an eviction, it doesn't necessarily matter who between the two parties is wrong or right. The most important thing is following the procedure. As a landlord, you are at liberty to dictate who occupies the property. You are also advised to hire an attorney when dealing with such cases. Most landlords opt to go into the courts without one; however, this could lead to a situation where the tenant's lawyer takes advantage of you and drags the case out for a long time. The process of eviction can be hectic to most landlords. The most important thing is to ensure that you follow the rule of law to achieve the best results. Apart from that, it is ethical to reimburse the initial deposit to your tenant peacefully and in an orderly way. With these steps in mind, the whole process will be less expensive and successful. This article is intended for informational purposes only and should not be construed as professional advice. The opinions expressed in this article are those of the author and do not necessarily reflect the position of RISMedia. |
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