When you rent a place in Florida, you usually need to pay a security deposit. Unfortunately, some residents aren’t sure if this is even legal, which can cause problems between them and landlords.
When disagreements occur, it’s crucial to know how Florida law works and how it affects the relationships between landlords, renters and homeowners associations (HOAs). In this blog, we’ll explain the details of security deposits and what each person is responsible for.
Collecting security deposits
In Florida, some groups that manage properties, like condominium associations and HOAs, can ask for a security deposit from people who want to rent a place. However, they can only do so if it is indicated in their governing documents. They collect this deposit to protect the shared spaces in the building or neighborhood from possible damage.
In condominium associations, representatives cap the security deposit at one month’s rent. This provides a clear and reasonable limit on the amount they may collect from residents.
In contrast, HOAs have more flexibility in determining the security deposit amount. While there is no statutory cap on the amount, it must still be reasonable. In most cases, the deposit amount depends on the association’s needs and the potential risks.
Landlords and HOA representatives need to know the specific rules of the association’s governing documents. They must also clearly explain the security deposit requirements to potential renters. This helps prevent confusion and makes the rental experience better for everyone.
How a lawyer can help
Without clear rules, landlords, HOA representatives and renters can get stuck in arguments, leading to legal problems. However, an experienced lawyer may help solve these issues.
A lawyer can assist landlords and HOA representatives in creating and reviewing important papers, like governing documents, rental agreements and security deposit policies. The lawyer can also give advice on fair security deposit amounts, how to resolve disputes and how to handle refunds.