Landlords are required to keep security deposit funds in a separate non-interest-bearing account in a Florida bank. The landlord can’t commingle the security deposit funds with any other funds nor can they use the funds until they are actually due to the landlord.

Naturally, the landlord can’t mix the security deposit funds with their own money since the money does not belong to them. It is a loan to the landlord while the tenant is living on property and they either keep it in a safe or a separate non-interest-bearing account. When the tenant’s lease is up they return it to the tenant or they use it at a time where they need to offset damages. It is the landlord’s responsibility to keep the security deposit, usually one or two months’ worth of rent, safe.

Also, the landlord should disclose with you the bank where the security deposit is being held. If you pay a security deposit, be sure to obtain a receipt so that you have proof of payment in case you ever need to present it.

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This post was written by Stephen Hachey. Follow Stephen on Google, Facebook, Twitter & Linkedin.