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Showing 2 posts in Security Deposit.

Tenant Absence During the Lease Term: Protecting Your Property

Posted In Landlord, Lease, Purchase Contract, Real Estate Law, Security Deposit, Tenant

Every landlord’s goal is to have his/her rental property under lease and occupied by tenants who will not only pay their rent on time, but who will properly use and maintain the property. After all, the property is an investment by the landlord of both time and money. While landlords typically relate property damage to tenants’ use of the property (i.e. throwing wild parties or vandalism), nonuse can also result in significant damage to the property, not only causing damage to the structure itself, but a diminution in value of the property overall. This is especially true during the winter months. For example, a tenant may take an extended vacation for the holidays or even abandon the property altogether. Any time a property is unoccupied for an extended period of time, maintenance issues may go undetected and/or other problems may arise unbeknownst to the tenant(s) or the landlord. These issues/problems may include the heat being turned off by the tenant, running water left on, a leaky faucet, a stove being left on, an electrical issue, or the shut off of one or more utilities by the respective utility company for nonpayment. Such issues can result in damage to the property, including, but not limited to, frozen/burst pipes, flooding, or fire. Moreover, the damage can extend to other units and/or affect the safety of neighboring tenants. Thus, it is important for a landlord to know when a tenant is going to be gone for an extended period of time. More >

“I’m Keeping It”: Kentucky Law on Residential Security Deposits

Posted In Inspection, KRS §383.580, Landlord, Real Estate Law, Security Deposit, Tenant

When a tenant moves out of a residential dwelling and leaves it worse for the wear, what recourse does a landlord have? Many landlords assert their “right” to keep the security deposit when such an instance arises, but in order to do so, a landlord must strictly adhere to the established statutory requirements set forth in KRS §383.580.[1] More >

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