SECURITY DEPOSITS

Purpose

Bellaire Multifamily collects security deposits to ensure funds are available for unpaid balances or damage to the apartment at move-out. Residents are informed of this responsibility upon lease signing.

Standard

• Residents must pay a deposit to secure their apartment.

• If a leasing special includes “no security deposit,” this must be documented in both the application and lease.

• If an applicant requires an additional deposit upon approval, the special is void. The deposit and screening-required amount must be paid.

• When there are multiple residents on a lease, all are jointly and severally liable for any balance due (rent, fees, damages, etc.).

• Deposits are held with the apartment and are not refunded until the apartment is vacated.

• After all residents have vacated, the remaining balance of the deposit is refunded jointly to all leaseholders.

• The check must be endorsed by all listed parties in order to be cashed.

Task Breakdown

1. Collect deposit and fees separately, checks or money orders only. Label with the apartment number and deposit within 48 hours.

2. Do not accept third-party checks.

3. Deposit total must match the lease agreement.

4. No partial refunds are allowed during residency. Deposits are returned only after the apartment is vacated.

Bellaire Multifamily Management LLC - For Internal Use Only

Last Updated: January 2, 2026