Converting Security Deposit to Rent Addendum (COVID-19)
$135.00
Converting Security Deposit to Rent Addendum
Managers, tenants and owners are having to make big adjustments from the traditional management practices and this one is a big change. COVID-19 is forcing managers to think outside-the-box when coming up with solutions to get them through the havoc we’re experiencing with this life-changing pandemic. Having the tenant authorize the manager to convert the security deposit to rent is something you shouldn’t do unless all parties are in agreement.
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Description
Converting Security Deposit to Rent Addendum
Managers, tenants and owners are having to make big adjustments from the traditional management practices and this one is a big change. COVID-19 is forcing managers to think outside-the-box when coming up with solutions to get them through the havoc we’re experiencing with this life-changing pandemic. Having the tenant authorize the manager to convert the security deposit to rent is something you shouldn’t do unless all parties are in agreement and the tenant is fully aware of what they are doing. This can be good for the owner, tenant and manager if done just right. This document was crafted by The Gilroy Firm for its clients throughout the USA. It includes the addendum and training notes to help with execution.
Some will have a knee-jerk reaction to this but they shouldn’t. Contracts are just that; agreements between parties that can be modified if parties find it in their mutual interests to do so. Move-out damages are normal and owners are looking ahead at what to do if tenants leave owing money because there is no money on deposit to cover those damages. It’s a reasonable question but today there is a better answer than there was just one year ago. Now you can mark the tenant’s credit (before and after move out) when they owe you money and refuse to settle up. Check it out at www./credit.
