The real estate industry was was instrumental in changing the required timeframe for security deposit settlements from 14 to 21 days effective June 9, 2016.This means Landlords have more time to make an accurate and final accounting within a timeframe that is more reasonable. One important pitfall to be aware of however is that most leases have the old ( 14 day ) language built in to the contract which may take precedent over the new law unless the lease is updated to reflect the 21 day timeframe. If you do not change the language in your lease, you may be held to the old 14 day requirement unless you make a modification to your lease document even though the law changes.
This means once a lease is eligible for change, language must be changed to confirm the new 21 day return policy rather than 14 if Landlords feel they will need the extra time when a tenant vacates. Once a lease becomes month to month eligible, a minimum 30 day “notice of change” would be required to change the clause that reflects the new policy. Once this new rule is in place, you would have to make sure that you “post mark” your security deposit settlement by the 21st day of the month.
As a result of the new law change, we will be updating our leases as necessary to reflect the new change as current leases are fulfilled and become month to month eligible. We will also change the language in all new leases moving forward on June 9th, 2016 to ensure compliance with this new law.