Protect Your Money: Nevada Rental Laws Security Deposit
If you are currently renting in the state of Nevada, you more than likely had to give a security deposit to your landlord upon moving into your new home. Did you know just like every other state that Nevada has their own security deposit rules that you and your landlord must follow?
Today we are going to talk about the nine basic rules that both you and your landlord should abide by.
Nevada Rental Laws Security Deposit
You should know that the state of Nevada has a limit on the amount of money that a landlord can charge you when it comes to your security deposit. This amount will vary because it is solely dependent on the type of rental property you will be renting from them. But the factors are the following:
- Public Housing: The maximum-security deposit can be one month’s rent.
- Private Housing: The maximum-security deposit can be three month’s rent.
- Section 8 Housing: The maximum-security deposit can either be $50- or one-month’s rent, whichever is higher.
Tenants’ Security Deposit Rights: Nonrefundable Illegal?
In the state of Nevada, all your security deposits will be deemed refundable on the basis that you were compliant with all the terms that were stated in your lease agreements.
However, in the state of Nevada, the landlord can collect a nonrefundable cleaning fee, if they so choose. But this cleaning fee and the amount they spend will have to be written into the lease along with its terms.
But overall, a landlord cannot legally charge you a nonrefundable security deposit.
Can You Use a Surety Bond as Your Security Deposit?
In short, yes, yes, you can use a surety bond as your security deposit.
In the state of Nevada, the tenant and landlord laws give you permission to purchase a surety bond in replacement of your security deposit.
If you are unsure of a surety bond is also commonly called a performance bond. But the bond is where you will need to either have an investment or a collateral property to fulfill its wishes for the surety agency.
So, you can purchase a surety bond in the replacement of a security deposit, but your landlord cannot force you in any way to purchase one.
Your landlord also does not have to accept the surety bond in replacement of your security deposit either. It is not written in the Nevada law that the landlord will be obligated to accept your surety bond. For a landlord to accept your surety bond, it will be completely up to them.
What are the Rules for Storing Your Security Deposit in Nevada?
Many states throughout the United States have very specific rules on how the landlord will have to store your security deposit. But in the great state of Nevada, there are not any specific rules for how the landlord is supposed to store your security deposit.
The only thing the landlord is technically not required to do is to store your security deposit in a banking account that will collect interest. Your landlord is also not required to give you the interest they earn on your security deposit either.
Most other states in the United States prohibits landlords from putting your security deposit into an account that bears interest. They require all security deposits go into an account where they will not collect interest, but since the state of Nevada does not have any specific rules landlords are free to do what they see fit with your security deposit.
Am I Supposed to Get a Receipt After My Landlord Deposits My Security Deposit?
The landlord will only supply you a receipt if you request it. If you do not request it by law your landlord does not have to give you any sort of written notice or any receipt that they deposited your security deposit.
However, if you request a written notice of receipt and the landlord does not supply it to you, you are in your legal right to withhold future rental payments until the landlord supplies your written notice or your receipt.
Reasons Why Your Landlord Can Keep Your Security Deposit (Partial or Full)
Just like nearly every other state in the United States, Nevada landlords will be able to make deductions from your security deposit for the below reasons:
- Costs to clean out the unit
- Costs to fix up the place beyond the normal wear and tear
- To cover your unpaid rent (if applicable)
In the state of Nevada, the landlord is required to list in their lease agreement a clause that states upon move out the unit must be in the same condition as it was given to you.
Is My Landlord Supposed to Do a Walk-Through Inspection?
Prior to you moving out of the rental unit, the landlord is not required under law to do a walk-through inspection.
How Long After I Move Out Will I Receive My Security Deposit?
In Nevada, landlords will be required to give back your security deposit or your surety bond, minus any deductions within 30 days of your lease ending.
If there are any deductions, the landlord will be required to send you an itemized list of what was deducted and how much of it was deducted.
But when it comes down to it, your landlord will have two options when it comes to giving you back your security deposit. These options are:
- Your landlord can hand deliver your security deposit to you. If they do this, they will ask you to come to the leasing office or wherever you pay your rent.
- Your landlord can mail you your deposit to your new address, if given. If you did not give your new address, the landlord will mail the security deposit to your last known address.
What Happens If I Disagree with My Landlords Deductions?
If for some reason you do not agree with your landlords’ deductions, you will need to send a written statement where you are disputing these charges to the landlord or surety bond. If you cannot conclude outside of court, you do have the right to sue your landlord and recover your security deposit.
It’s Been 30 Days and I Still Haven’t Received My Security Deposit Back. What Do I Do?
If your landlord does not hand deliver or send in the mail your security deposit or surety bond in the 30-day time frame and does not give you a written itemized list of your deductions, you will have the opportunity to sue your landlord.
The landlord is going to be liable to your security deposit along with any other amount awarded to you by the Nevada court. However, you will need to keep in mind this amount will never exceed your security deposit amount.
My Landlord Sold His Rental Property. What Happens to My Security Deposit?
If you found out that your landlord sold the property, the landlord is going to have two options on how to handle your security deposit:
- Your landlord can transfer your security deposit to the new owner taking over. If this happens your landlord will have to notify you in writing that they are transferring your deposit over to the new landlord. The landlord will be required to give you the name of the new landlord, phone number, and address.
- Your landlord can return your security deposit to you. If the landlord does this, the landlord will have to notify the new landlord that he or she is giving you back your security deposit.