My Tenant Died!!
Hello guys,
I am managing my first property and what an experience! I need some advice here.
The Facts:
~ Tenant's family gave 30 notice last month (lease wasnt up until Sept), forfeiting the deposit.
~Tenant ended up passing away on the 5th of March.
~Rent was not recieved so I called the house and was told tenant died, and that i could take possesion that day, March 8th.
My Question: Should I charge prorated rent for 8 days, or for 5 days? Is deposit still forfeited?
Thanks!
JMarie
Pro-rate rent to your day of possession.
Whether you decide to keep the rest of the security deposit to cover rent due for the balance of the month is up to you. You are within your rights to do so, but you may feel a moral obligation to refund the deposit.
In your case, I would keep the security deposit in my escrow account until the end of the month. If you are able rent the unit before the end of the month, you have mitigated your loss damages. Only prorate the balance of the rent due to the date of the new tenant's lease. Refund any security deposit balance to the deceased tenant's estate.