If your residential tenant moves out on time but fails to provide a forwarding address, what happens to the security deposit? Do you have to return it within 30 days?
Find out what your duties as a property manager or landlord are in this Legal Briefs video.
http://vimeo.com/manage/videos/856844097
Our operating system allows the tenant to request their refund via ACH – and sometimes they don’t include forwarding address. Are we still obligated to the 30 day return since the SD will not be mailed?
It seemed to me that she said the lack of forwarding address merely suspends the 30 day requirement, but doesn’t forfeit tenant’s right to refund. Indefinitely? Could a tenant contact landlord 10 years later, give an address, and be entitled to the refund they would have gotten 10 years prior?
It becomes unclaimed property that the landlord or manager must submit to the Texas Comptroller long before 10 years.
So when does the tenant loose the right to the refund of the SD if they never provide a forwarding address?
Never. It isn’t the landlord’s money or a manager’s money. You are required by law to submit it to the Texas Comptroller as unclaimed property.
Can I share this video with some of my clients?