Miami Beach luxury rentals are popular options for many of our clients relocating to the city.
When we start working with a new rental customer we make it a point in the beginning to go over the details about what to expect during the rental transaction. Often the topic of deposits come up, after all most rentals in our area require at least three deposits and three deposits can be a hefty down payment on a rental… no matter what is your budget.
It’s important to know that in Miami Beach, if you are working with a professional real estate agent, deposits are serious business and must be handled properly. Whatever a deposit is stated that it is going to be used for….. is what it has to be used for during the term of the lease.
For instance if you are placing first, last and security. Your landlord should be holding two deposits (last and security) in an account (according to the Florida Landlord Tenant Act) and that is what those funds should be held for during the lease term.
When reviewing your lease be sure that the deposits are stated clearly on the lease and purposefully noted. For instance most owners here collect first, last and security; some buildings also collect a security deposit in the amount of one month’s rent. If the owners didn’t make concessions for this essentially that would be four deposits, a lot. So most owners here allow tenants to still place three but they are labeled differently: first and two security deposits (one for the owner and one for the building).
The most important takeaway is the following: be sure to review your lease and make sure that your deposits and their purpose and noted correctly on the lease and your landlord needs to handle the deposits properly according to the Florida Landlord Tenant Act.
I am sure that someone having issues with deposits will probably come across this post, please know that as a Realtor (R) we are only allowed assist with the leasing and collecting deposits process. Legally I have to handle deposits in a very specific manner as well as fill in the blanks on a lease to address what each deposit is being used for during the leasing term. If you are having issues with deposits, it’s important to review the Florida Landlord Tenant Act and if necessary speak to an attorney.
I am not an Attorney, for any legal decisions you choose to make regarding your Real Estate needs, use a professional to to address those concerns and needs.
Many of our rental customers who rent Miami Beach luxury rentals become buyers the next year. So yes, it’s a great place to live and some times renting is a good way to meet the city, so to speak. If you have any questions please feel free to comment below or contact us directly.
Copyright © By Jamey Prezzi 2011 * All Rights Reserved*Miami Beach Luxury Rentals Handling Deposits