A property management company in Florida collects $50,000 in rental deposits from tenants. The property manager places these funds in a non-interest bearing account and provides proper notice to tenants. What is the maximum time period the property manager has to return the deposit after the tenant vacates?
Correct Answer
A) 15 days
Correct: Under Florida Statutes, landlords must return security deposits within 15 days if no deductions are made, or give notice of intent to impose a claim within 30 days. Why not B: 30 days is the deadline for giving notice of intent to make deductions, not for returning deposits. Why not C: 45 days exceeds the statutory requirement. Why not D: 60 days is far beyond the legal requirement and could result in forfeiture of the right to make deductions.
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