I bought a home and allowed the seller to rent back from me for 45 days. They are vacating the property a bit earlier than expected and I am inspecting the property for damage soon.
There is a security deposit held in escrow to be payable when the sellers vacate the property. The Residential Lease After Sale form (CA) says it is returnable within 21 days, minus repairs or necessary cleaning.
The escrow paperwork for the withholding of the security deposit says they will not release until they receive written instructions from me, and they will not hold it past 60 days (I am guessing starting from closing date, but it could be from the start of the contract).
My realtor said I have a 3 day window to give them back their security deposit. Is that like realtor custom or something?
Typically in CA, it’s 21 days so why did the realtor say that? I was planning to hire a cleaner to clean out the place and wash all the carpets, and maybe get a handyman to replace some burnt out bulbs and repair whatever damage i see. I live in a different city and it would be hard to try and schedule someone, be present for the work, and then collect and present the invoices within a 3-day timeframe.
Anybody in CA have experience with this?