Moving Out

When the time comes to move out of your rental property, a myriad of things need to happen, requiring a coordinated effort among all those involved.

First, you need to give the required notice, which is typically 30 days. If you are moving out prior to the end of the lease, or “breaking the lease”, expect to be assessed an administrative fee. You are also responsible for any and all rent, utilities, etc until the unit is re-rented. If you move out three months early and it doesn’t become occupied until two months later, you are responsible for all the costs incurred within that two-month gap.

Remember, you are responsible for bringing the property back to the condition it was in when you moved in, which is where the COP comes into play. Refer back to the COP, which you completed before moving into the property, and make sure that anything that is different is corrected. You will also need to be sure that the property is cleaned….completely cleaned. Many tenants fall short in this task, thinking that running the vacuum and wiping out the bathtub constitutes cleaning. The property was cleaned to a certain standard when you moved in and should be the same when you move out.

Tenants are also required to have the carpets professionally cleaned. A carpet machine rented from the grocery store does not qualify as “professionally cleaned”. The equipment requirements are specifically notated in the lease, to ensure that each new renter is provided with a “clean slate” when they move in.

A “final walk-through” (FWT) will be conducted by a Peak Property Management representative, along with one or more of the tenants. Once the walkthrough is complete, the tenant(s) will have 24 hours to correct any cleaning items or repairs. If the noted items are not completed, then Peak Property Management will have the items corrected and the tenants will be charged.
The security deposit will be returned, less any necessary charges (unpaid rent, damages, unpaid utilities) within 30 days of the FWT. If there are no corrections necessary at the FWT and the entire security deposit is refundable, that should occur within 10 days.

Many people think that Peak Property Management retains security deposits as a source of income. Of course, that is untrue and impossible. The security deposit belongs to the property owner during the term of the lease and is held in a highly regulated account. It is illegal for a property manager to combine company assets with security deposits. Therefore, a reputable property manager would have safeguards in place, along with separate bank accounts to prevent any mishandling of security deposits.