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FLORIDA STATUTES, THOSE WHO WORK on YOUR PROPERTY or PROVIDE Form

FLORIDA STATUTES, THOSE WHO WORK on YOUR PROPERTY or PROVIDE Form

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[Music] hi I'm Mike Collins from Collins property managers in Jacksonville Florida today I'm here to talk to you about the legal requirements of a security deposit for your rental home my message is to be extremely careful and there is a specific statute it's statute 83 of the florida statutes that contain all the rules about security deposits and leasing first of all one thing that you need to keep aware of is that the tenant security deposit does not belong to you that as the landlord it actually belongs to the tenant and then you are holding it as safekeeping to cover any potential damages that would occur at the end of the lease when the tenant moves out you're also required to keep all the funds in a Florida bank and it has to be a Florida branch of a Florida bank so for example if you have a bank America account and you live in Virginia you would not be able to deposit that security deposit in a local Virginia branch the next thing that you need to

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