Security Deposit Question (tenant, rental, record, landlords)

[Genuinekid]

Currently overseeing my parents rent controlled duplex property. I found out they dont have a contract or month to month lease. Is it possible for me to receive security deposit from each tenant if we never received one? And would i be able to create a new month to month contract?

Much appreciated.

[AZ Manager]

As advised by multiple people in your other thread you need to locate a local real estate lawyer who is experienced with rent controlled units. Work with that lawyer to figure out your options.

[Febtober]

Where are you from? There are only a few places around the country that have rent control laws, and they're pretty much all very strict and in depth.

You will need to consult with a lawyer, as the nuances of a rent controlled property are likely beyond what anyone here can accurately advise you on.

Whatever you do, be extremely careful, as rent controlled tenants have lots of rights and protections, and landlords can often find themselves in a lot of trouble if everything isn't done exactly by the book.

[pat09]

Originally Posted by Febtober

Whatever you do, be extremely careful, as rent controlled tenants have lots of rights and protections, and landlords can often find themselves in a lot of trouble if everything isn't done exactly by the book.

It's a good advise for sure. I have nothing new to say. You need to ask for a consultation from real estate lawyer once than be sorry many times after.*But, first you could prepare read some articles about rent controlled tenants. Then it would be easier to make a list of other questions that might interest you.

[Oldhag1]

Originally Posted by Genuinekid

Currently overseeing my parents rent controlled duplex property. I found out they dont have a contract or month to month lease. Is it possible for me to receive security deposit from each tenant if we never received one? And would i be able to create a new month to month contract?

Much appreciated.

It would probably help people answer your questions if you identified the city of the property. It's not like anyone will be able to say 'That must be Bob posting,' as rent control only exists in very populated areas.

Whoever had the property before should have transferred any security deposits with the property. The people will definitely want that amount back when they leave. Do you not have any records for the property?

You need to invest a couple hundred dollars in meeting with a local lawyer who specializes in rental issues. Spending that money now could save you thousands down the road.