Before a tenant moves in, we collect a security deposit equivalent to 1.5 to 2 months' rent. At move-out…this protects the property owner against damage caused by the tenant that is considered beyond normal wear and tear and also covers nonpayment of rent balances.

The deposit is held in TouchPoint’s Trust Account until the lease term ends and the tenant leaves the property. By law, security deposits must be held in a professional trust account and not be mixed with other personal or business funds. Trust accounting law mandates us to perform detailed monthly reconciliation reports on the account to account for every penny.

Before the tenant moves into the property, we conduct a detailed pre-move-in survey report with pictures documenting its condition. This report is important to hold the tenant accountable for preserving the property's condition.

After the tenant moves out, we conduct another detailed move-out survey report with pictures and compare the findings with the original move-in report to identify any discrepancies. If there are damages to the property beyond normal wear and tear that can be attributed to the tenant, we will deduct the repair costs from their security deposit along with any unpaid rent balances

Our lease states to the tenants that the security deposit is not a substitute for the last month’s rent

If we need to deduct items from the tenant's security deposit, we will return the remaining balance to the tenant within 30 days of their move-out per NC Law.