OWNER’S HANDBOOK

SECURITY DEPOSIT

The South Dakota Land Lord Tenant law governs the amount and handling of the security deposit. Here are some key items relating to the security deposit:

  • The amount of the deposit cannot be greater than one month’s rent.
  • Deposits must be returned within 14 days of the Resident moving out of the property or the landlord is subject to fines and loses the right with hold any part of the deposit.
  • Deposits belong to the tenant. The deposit only becomes the property of the owner if money is owed at the end of the lease.
  • Deposits are held by Real Property Management Express in a non-interest bearing trust account.
  • At the end of the lease, we determine if there are any damages or money owed. If so, we withhold the amount from the deposit and return the remained to the tenant along with an itemized statement of the outstanding charges.

We understand property management and property investments. With over thirty years’ experience in property management and more than 300 offices in the United States and Canada, we have become the largest property management franchise in North America.

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