Security / damage deposit policy
Security deposit / Damage Deposit policy
Terms of deposit are for reserving property and to insure performance of rental agreement/lease
agreement. Deposit is held at Fifth-Third Bank Okemos, MI 48864
Refund of deposit. A full refund of the deposit only after:
1. Completion of all terms and conditions of contract(s)
2. Complete inspection of the property and that nothing is missing or damaged
3. FORTY-FIVE DAYS (45) notice to cancel rental with full refund
4. Refunds are sent off no later then sixty (60) days after completion of contract and
inspections are completed.
5. Deposit is not full payment for occurred damages. TENANT is still liable for all incurred:
damages, costs, and lost rent , Damages to any and all property including but not limited to the
structure, contents, and any personal property owned/ leased by Richardson Properties of
Southwestern Michigan LLC.
6. Full refunds are paid and sent to the person (s) who signed the rental agreement/lease only.
7. Only Cleared funds will be refunded. Money orders and Credit Card refunds after the funds
clear at the bank.
8. All refunds will be less the credit card fees when applicable
Forfeiture of deposit:
1. If less then FORTY-FIVE (45) days notice of cancellation of contract in writing.
2. Damage occurred to property ( TENANT is still liable for actual damages as stated in contract
$200.00 is not full payment for all damages)
3. If House Keeping service has extra charges for excessive cleaning any and all fees over and
above normal cleaning are TENANTS responsibility and are deducted from deposit.
4. A letter will be sent with in SIXTY (60) Days if Richardson Properties is retaining any/all
security/damage deposit. There will be a list of fees for the damages and the amount that we
are refunding or the amount still outstanding.