Chase Tenant Lease
Chase offers customized tenant lease security services for real estate owners, agents and managers of multifamily residential, commercial and cooperative properties.
If you're a landlord, building agent or property manager, you know how time consuming and complicated it can be to process tenant lease security deposits.
- How should you figure interest?
- How should you figure withholding?
- Even with the necessary staffing, how do you ensure you are following all applicable laws?
- Are you entitled to retain an administrative fee?
We can help answer these questions and ease your administrative burden by expediting new accounts, deposits and withdrawals and by promptly addressing your tenant lease security needs. Best of all, we handle all the administrative work for you:
- Timely payment of all interest due
- Collection and issuance of appropriate tax forms
- Comprehensive, accurate IRS reporting
We open an interest-bearing Tenant Lease Security (TLS) Deposit for you that complies with all applicable state and federal regulations. You control access to your account and authorize all withdrawals, so your security deposits remain secure. Through this account you receive:
- Timely, concise reporting: We send easy-to-read monthly status reports for all security accounts to the agent for each property. The reports list the tenant's name, security deposit amount and amount of interest earned, organized by unit number, floor or line, or alphabetically—whichever works best for you. We also provide monthly transaction recap reports and a check register. If you need to review a tenant's account, we can access 25 months of historical data online, enabling you to find answers quickly.
- Administrative fee deductions: Some states allow for an administrative fee on your tenant lease security deposits. For example, in New York you're entitled to an administration fee equal to 1 percent of the interest earned on tenant lease security deposits. We can deduct this fee from the interest earned on the account and mail a check to you each quarter. If you choose, you can waive the administration fee and pay all interest to the tenant.
Our product offering covers 40 states. For laws in specific states, contact TLS Customer Service at 1-800-343-4358.
- Interest: Interest is compounded monthly and calculated from the day of deposit to the end of the month. If you make a withdrawal before the end of the month, you forfeit interest for that month.
If a tenant moves during the year, we send withdrawals to you for distribution. You can even set up each building with separate processing instructions regarding the mailing of 1099s, checks and almost any other detail that's important to you.
At your direction, we'll either issue checks for the tenant's portion of the interest annually at year-end or hold interest in the account until the tenant moves. We'll automatically mail all checks and 1099s directly to your tenants.
- IRS compliance: We handle the tax paperwork and meet applicable deadlines, along with the recertification of your tenants' Tax Identification Numbers. If we don't receive the required forms, we automatically withhold at the appropriate tax rate, as required by law, and contact the tenant to get the proper form. Our advanced systems help track all accounts accurately and thoroughly. We also manage tax issues and fulfill IRS reporting requirements. At year-end, we issue all forms, including 1099s and interest checks, correctly and on time.
To learn more about our tenant lease services,
please contact us or call your Client Executive.