Guys, I need some advice. I recieved a call from my managing agent today to update me on the condition of one of my investment properties post tenants moving out. He informed me that the house is a mess. Blinds have been all but destroyed, carpet in two rooms will need replacing and a good clean inside and out. I initially was fairly concerned about the damage given the house is only 5 years old. But to rub salt into the wound the agent then proceeded to tell me that 12months ago apon moving into my property the tenant was not required to pay a bond. He could give me no explanation as to why any tenant was aloud to move into my property with paying a bond. I defiantly did not approve for the bond to be waived.
My question is: is the agent liable for the $1450 that should have been held in bonds trust? Obviously I am insured, but as per most policies the first 4 weeks rent ($1360) is expected to be coved by the bond and they will only cover damage amounts that exceed this amount. Less the 500 excess of course.
So given all that, worst case is I am $1860 out of pocket.
Very disappointing to say the least. Any advice would be greatly appreciated
My question is: is the agent liable for the $1450 that should have been held in bonds trust? Obviously I am insured, but as per most policies the first 4 weeks rent ($1360) is expected to be coved by the bond and they will only cover damage amounts that exceed this amount. Less the 500 excess of course.
So given all that, worst case is I am $1860 out of pocket.
Very disappointing to say the least. Any advice would be greatly appreciated