We rented out our home in March to a couple who was a mutual friend of ours. My husband lost his job so we were in need of a tenant quick. They moved in March and the lease requires them to pay $1300/month in rent and we agreed to a $650 security deposit. They are also in financial difficulty which is why we agreed to a low deposit. They said they didn't have it when they moved in but promised to give it to us the next month. The 1st of April comes and they did not have the security deposit. Again they gave us more excuses and no security deposit. We are now going into July and still have no security deposit. On top of that they are now violating HOA regulations. I sent them a written letter demanding the security deposit by August 1 or we will charge them $100 per month until it has been paid. We reside in Las Vegas. I've tried to find some research and can't find any information that states whether this is legal? Can we demand the security deposit or did we screw ourselves by letting them move in without it?:confused:

Until there is a court ruling stating that you have broken some 'constitutionality' or 'legal' ruling,I would believe that you can tell them anything,charge any amount.Just don't expect it to be paid.

A threat is just a threat, wanting what is 'reasonably' owed to you and what is 'legally' owed to you aren't synonymous.

Yes,you should have not allowed them to move in without paying the full amount agreed upon by both parties.

Yes,they are responsible to pay the agreed amount for the security deposit.(if this is on the lease,not a verbal agreement)

Not knowing NV laws,I do want to ask,, What are your intentions with this security deposit?Does NV law state that this security deposit be put into a separate account for the exclusive use of recovery from damages from tenets?Meaning,it isn't available for your use until the tenants not only move(or are evicted) and you can show the losses from their occupancy are going to be compensated for by the security deposit?

They aren't friends anymore are they?

Unless there was something in the lease, this penalty would not hold up in court. However, you might be able to get away with a reasonable interest charge of maybe 10%.

You certainly are entitled to demand the security. But remember a security deposit is a deposit. Its to protect you against damages when they vacate. If there are no damages when they vacate them you would return the deposit anyway. If they vacate and owe money you can sue them as would have anyway.