Q: Can somebody PLEASE answer my question about tenants security deposit that was not returned by property management?
Property management license was revoked by NC real estate commission, but before that we hired this property management to handle our rental property and terminated the contact after one year. We were told by tenants that they thought their security deposit is with us, unfortunately that is not the case. We never received those funds from the property management upon contract termination so we never don't know anything about that money and never seen it. So now who's responsible for that money, us as landlords but we never saw that money or the property management but their license was revoked and now we can't reach out to them, or is t the tenants who need to take further actions against the property management by filing a complaint against them in civil court?
A: You will need to review both your contract with the management company the the actual lease. Each document will specify the rights and obligations of the parties with the respect to the security deposit. The management company has an obligation to account for the security deposit and either transfer it to you or a new management company if they are no longer managing the property.
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