What Happens To THE Security Deposit When There Is A Partial Notice To Vacate?
The security deposit is a security deposit for the property as a whole, not for individual tenants. This means, when some tenant(s) move out and other(s) stay, the security deposit will remain with the property. It stays this way until the tenancy terminates in full.
When some tenant's move out and others stay, it is the tenant's responsibility to work out any refunds due to the vacating tenant. Usually if a roommate is replaced with another roommate, the new roommate pays the exiting roommate their share of the deposit.
When all tenant's move out, RPM will deduct the deposit by applicable tenant charges. Any remaining security deposit funds are sent as one check with all current tenant's names on the check, unless a waiver is signed by any of the parties. (See Partial Notice to Vacate and Security Deposit Waiver.)
CLICK HERE: Sign Partial Notice to Vacate and Security Deposit Waiver