As a landlord in Georgia, you are legally required to follow certain guidelines when it comes to security deposits. Here are the details:
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Security Deposit Limits: In Georgia, landlords can charge a maximum of two months’ rent for security deposits. This is subject to change, so it’s important to check the current limit before charging tenants.
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Security Deposit Timelines: Landlords must return a tenant’s security deposit within one month of the lease agreement’s expiration. If the tenant breaches their lease agreement, landlords may use the security deposit to cover unpaid rent, damages, or cleaning fees.
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Record Keeping: Georgia landlords must maintain an accurate record of all security deposits held, including the name and address of the bank where the deposit is held, the amount of the deposit, and the date the deposit was made. This information must be shared with tenants upon request.
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Notification Requirements: Landlords must give tenants a written statement that outlines their rights and obligations regarding the security deposit. This notice should be provided when the lease is signed or within 30 days of the tenant’s move-in date, whichever comes first.
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Interest on Security Deposits: Georgia landlords are not required to pay interest on security deposits.
If you fail to meet any of these requirements, you could face legal action by your tenant. To ensure compliance, it’s best to have a lawyer review your lease agreement and security deposit practices. Additionally, consider providing tenants with an itemized list of deductions taken from security deposits to avoid disputes. It’s always best to consult with a lawyer if you have any questions or concerns about this process.
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