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Tips for Getting Your Security Deposit Back

Tips for Getting Your Security Deposit Back

So, your commercial property lease is about to expire. Will you renew in 2016? Or are you ready to move on to a different space that better suits your needs? Maybe your business is expanding and you need larger offices; or perhaps it’s time to downsize in response to economic challenges.

In any case, you may be interested in what landlords have to say about getting your security deposit back. That’s the money you paid to cover any damages to physical property beyond normal wear and tear and to cover outstanding rent. So, if you leave a property free of any such damages and you have made regular rental payments, you should be able to recoup that money soon after moving out.

The following tips will help this process go smoothly and in a timely manner:

  • Review your lease carefully and follow any/all instructions about security deposits.
  • Don’t break your lease or default on any lease terms …that’s a sure way to lose your security deposit (or even face lease termination).
  • Be sure to give notice of your move out date as per the Lease Agreement.  Be sure to include your forwarding address as to where they can send your security deposit back.
  • Pay all the remaining rent and money owed.
  • Leave the space in the best possible condition.
  • Remove all of your personal property and thoroughly clean the premises.
  • Return the space to its original condition in order to pass inspection, less wear and tear. (This may include removing any special improvements or alterations you have made for your business operations.)
  • Request a joint walk-through inspection and, if required, make any necessary repairs based on the inspection findings.
  • Return all keys with a written notification that you have vacated.
  • If you know the amount, specify the security deposit you originally paid.
  • If the property has changed hands during the term of your lease, communicate with the new owner about releasing your funds.

 

It pays to be informed about commercial real estate rental agreements. For more information on this topic or any of our services, contact us today.