By Robert Griswold
Question: I recently began managing a small apartment complex near a local university. I have been approached by one of our tenants who indicates that one of the three roommates will be leaving at the end of this semester.Since they plan to get a new roommate before the fall semester, they want to leave the security deposit in place. Don't I need to return the security deposit? It is my understanding that all three roommates on the lease have equal right to the security deposit. How should I handle this?
Property manager Griswold replies:
This is a very common situation for owners of rental properties. Since the security deposit should run with the unit, I suggest you can simplify matters by using a Release and Assignment of Security Deposit form.
When one tenant indicates that he is leaving, have him formally release any interest he may have in the security deposit and legally assign it to the incoming tenant. The outgoing and incoming tenants must handle any financial arrangements between themselves.
You should also make sure that your lease or rental agreement always accurately reflects the current occupants. The use of the Release and Assignment of Security Deposit form simplifies this potentially complicated situation and minimizes the owner's chance of getting embroiled in a roommate dispute over various tenants' legal claims to the security deposit.
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