Understanding Security Deposits Paid to Condo Associations
A condo association may require a security deposit from a tenant to protect against damages to the common elements or association property if it is allowed by their declaration, articles, or bylaws. See Fla. Stat. Sec. 718.112 (2)(k).
The security deposit cannot exceed one month’s rent and must be kept in an escrow account by the condo association. The condo association must provide the tenant with a written notice of the security deposit and its terms, and the tenant must provide their new address when moving out so that the condo association can send notices regarding the deposit and/or return the deposit.
The condo association must provide written notice to the tenant within 30 days of the tenant moving out if it intends to impose a claim on all or part of the security deposit. If the condo association does not intend to impose a claim, it must return the deposit within 15 days after the tenant leaves. Fla. Stat. Sec. 83.49 governs the return of the security deposit.
Resource: MiamiRealtors.com
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