Protect your real estate investment with one simple tool: a Security Deposit. Here are 3 easy tips to ensure you get the details right. Call our team at the Charleston Property Company at 843-737-6034 if need additional assistance with security deposits.
In South Carolina, landlords may require a security deposit to cover 1.) Damages to the property over and above normal wear and tear and 2.) Unpaid rent.
You must, however, return the security deposit to the tenant within 30 days of the tenant vacating the property. If you deduct for damages or unpaid rent, you must provide a statement with an itemized list of deductions, amount deducted from the deposit, and additional money to be charged if the deposit did not cover the amount owed.
Review the SC Landlord-Tenant Act for all details and check out Landlord.com for aneasy guide to state laws. You can also use these resources for additional information on legal compliance for landlords in South Carolina.
While a walk-through inspection is not required in South Carolina, scheduling pre-move and closeout inspections with tenants is the best way to protect and document your property. Use a detailed checklist and take photographs or video to record specific conditions. This will make it easier to demonstrate damages that were above and beyond normal and wear.
Document, Document, Document
Best items for documentation include:
•Inspection checklist and photographs/video
•Receipts and invoices
Being able to show documentation will protect you in case of dispute with your tenants.
If you have additional questions on security deposits, please call the Charleston Property Company team at 843.737.6034.