Q: When I send out my security deposit accounting to a tenant, am I required to include all of the invoices I have for the work done?
A: This is a common question we get. You are not legally obligated to send the invoices with the security deposit accounting after your tenant vacates – that is a managerial decision you can make. Some landlords believe that if they send the invoices, their former tenants are less likely to object, because they see the invoices and know that the work was actually completed. On the other hand, some landlords believe that by providing the invoices, they are simply providing the former tenant with more information to complain about. Both arguments have merit and since the law is silent on the issue, you can choose whichever method you prefer. All that matters from a legal perspective is that you send out the accounting and the refund check, if any, within fourteen business days of obtaining possession. The law requires it be sent regular mail, and we suggest you send it certified as well.
By Mark B. Zinman, Williams, Zinman & Parham P.C.
For more information regarding real estate investing, visit the AZREIA (Arizona Real Estate Investors Association) website @ http://www.azreia.org