How to Avoid Losing Thousands on Your Commercial Lease Security Deposit 

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Whether opening a store or leasing an office space, your goal is to make money – not lose it. The landlord usually requires a security deposit when you sign a commercial lease. This is to protect them in case you damage the property or don’t pay rent.

The amount of the deposit varies, but it’s typically equal to one or two months’ rent. So, if you’re leasing space for $2,000 per month, your security deposit could be $2,000 or $4,000. If you are struggling with the work-life balance and time management, visit Tracktime24.

While the security deposit is meant to protect the landlord, it’s your money – so you don’t want to lose it. Here are tips to avoid losing thousands on your commercial lease security deposit:

1. Get everything in writing

Ensure you have a written agreement with your landlord that outlines the terms of your lease, including the amount of your security deposit. This can protect you from a dispute about the deposit if any arises. While making a written agreement, you can contact a lawyer from firms like Chand Snider who has the knowledge about the state property laws and can make your stand clear in the agreement.

2. Inspect the property before you move in

Before moving into your new space, do a walk-through with the landlord and document any damage. This helps you avoid paying for damage already there when you move in.

Here are the most critical parts of the building to check:

  • Floors: Look for stains, scratches, or worn spots.
  • Walls: Check for cracks, holes, or water damage.
  • Ceiling: Look for stains or cracks.
  • Windows: See to it that the windows open and close properly and no damage to the glass.
  • Doors: Check that the doors open and close properly and that there’s no damage to the frames.

So, if you notice any problems, such as cracks in the walls or foundation, you may want to notify your landlord and ask them to contact foundation repair companies as soon as possible to rectify the situation.

In addition, tell the landlord and have them document it if you see such damages. This ensures that you’re not held responsible for the damage when you move out. You can ask your landlord to fix such problems so that you would get the property with good conditions for living. If your landlord is not willing to do this, it is advised to get this done by yourself before moving, as repair work of ceilings, walls, and floors often take time. To get some help with the repairs, you can look for a ‘Pittsburgh Plaster Repair‘ company so that the burden on you reduces.

3. Take photos or videos of the property

Along with doing a walk-through with your landlord, take photos or videos of the property before moving in. This will provide additional documentation of the property’s condition before you move in.

4. Keep the property in good condition

After moving in, it’s essential to take good care of the property. This means not making any changes without the landlord’s permission, not damaging the property, and keeping it clean.

For instance, if you caused damage to the plumbing system for some reason, you will be responsible for the repair costs. It is essential to fix the issue as soon as you notice it to avoid paying more for further damage, such as water damage.

If it’s too late and mold growth has already occurred, you need professional mold remediation services.

5. Pay rent on time

One of the most crucial factors to avoid losing your security deposit is paying rent on time. The owner may use the security deposit to cover missed payments if you fall behind on rent.

6. Communicate with your landlord

Always communicate with your landlord if you have any concerns about your security deposit. By working together, you can avoid any misunderstandings and ensure the deposit is handled fairly.

7. Clean the property before moving out

When you’re ready to move out, clean the property thoroughly, such as sweeping and mopping the floors, cleaning the windows, and taking out all the trash.

You should also repair any damage that you caused during your lease. For instance, if you put a hole in the wall, you’ll need to patch it up before moving out.

8. Ask the owner for your security deposit back

Once you’ve moved out and cleaned the property, it’s time to ask for your security deposit back. Be sure to prove that you paid rent on time, didn’t damage the property, and cleaned it thoroughly.