Jason Wolf, representing Utah Property Solutions, provides important information regarding move-in funds, rent trust accounts, security deposits, and move-out inspections. Once an applicant has been approved and has signed the lease agreement, the first step is to collect move-in funds, typically the first month's rent and a security deposit. It is crucial to understand the distinction between the two. The rent amount paid by the resident is allocated towards monthly rent payments. After deducting agreed-upon charges like maintenance and utilities, the management company deducts their percentage and distributes the remaining funds to the owner each month. Utah Property Solutions maintains two trust accounts: a rent trust account and a security trust account. The rent trust account is strictly regulated and audited by the state of Utah. On the other hand, the security deposit is deposited into a separate account and remains there until the resident moves out. It does not accrue interest and is neither the resident's nor the owner's money. When the resident eventually vacates the property, Utah Property Solutions conducts an inspection. Any tenant-related damages discovered are offset using the security deposit. It is essential to differentiate between tenant-related damage and normal wear and tear. Tenant-related damage refers to any damage caused by the tenant, while normal wear and tear is the natural deterioration that occurs with regular habitation. It is important to note that the security deposit cannot be utilized as the last month's rent; its sole purpose is to address tenant-related damages. Jason Wolf encourages individuals to reach out to Utah Property Solutions through various communication channels provided on their website, including text, chat, email, or phone calls. The company prides itself on prompt responses and excellent customer service.
By System - Thursday, July 10, 2025