What must landlords do with a security deposit within a specified timeframe after a tenant vacates?

Landlords are required to return a tenant's security deposit or provide an itemized list of deductions within a specific timeframe, which is set at 31 days after the tenant vacates the property in Oregon. This legal requirement serves to ensure transparency and fairness in the handling of security deposits. It allows tenants to understand any deductions made from their deposits, including for damages beyond normal wear and tear or cleaning charges.

By providing an itemized list, landlords not only comply with the law but also protect themselves from potential disputes by clearly outlining the reasons for any deductions made from the security deposit. This procedure promotes accountability and helps maintain a positive landlord-tenant relationship. Failure to adhere to this timeline can result in the landlord being liable to return the full deposit amount, making it crucial for landlords to be aware of and follow this regulation.