If you do not receive your deposit back within 2 months from your departure, it means that the property was returned in bad condition. The higher the level of damage is, the longer it takes for our colleagues in both the facility department and the accounting department to process it.
Basically, there is one main reason that can delay the process of the deposit return. Since we are managing hundreds of properties, we might not be able to schedule a renovation right away. On the other hand, the accounting department cannot bill you since they do not know how much the renovation costs.
Therefore, the process to address this matter involves waiting for the completion of the renovation by our facility team. Once they provide the accounting department with a detailed breakdown of material costs, hours worked, and any additional expenses, the accounting team will proceed to deduct these expenses from the security deposit. Any remaining funds will then be promptly refunded to your designated bank account.
In the event that the security deposit does not cover the entire cost, you will receive notification regarding the outstanding amount and will be required to settle the difference accordingly.
