Disclosure to Landlords Requesting the Double Security Deposit Option on Unmanaged Leases
It’s very important for the Landlord to understand that the Broker will not provide a Move-Out Condition Report on an Unmanaged Lease. This means that the Landlord will have no information provided by the Broker to support any deduction that the Landlord makes from the Tenant’s Security Deposit.
Landlords with Unmanaged Leases requiring a Double Security Deposit will be required to sign an Indemnification Agreement which states the following:
“Owner does hereby agree to indemnify, hold harmless, and defend Broker, its directors, officers, shareholders, attorneys, employees, agents, insurers, successors, and assigns, from any and all losses, claims, expenses, liabilities, or lawsuits (including reasonable attorney’s fees) arising out of or related to any claim or proceeding whatsoever which may be asserted by Tenant, or any other person, firm, or entity, against Broker arising out of or related to the Premises or the Security Deposit. Without in any way limiting the foregoing, this agreement of indemnity extends to any proceedings of a judicial, arbitral, or regulatory nature, including but not limited to any proceedings before the Alabama Real Estate Commission.”