August
2010
New Landlord? Rental Deposits
by Evan, Boston 
Students are coming to invade an apartment near you! With 20,000 new students on their way to Boston, the rental market is steady. Landlords should definitely review the process of handling last month’s rent and security deposits so there are no problems when the term of the lease comes to an end. Landlords are more liable than they think when it comes to handling these deposits so its an area to be careful in. Here are the requirements for holding a security deposit:
When the deposit is tendered, the landlord must give the tenant a written receipt which provides:
- the amount of the deposit
- the name of the landlord/agent
- the date of the receipt
- the property address.
Within 30 days of the money being deposited, the landlord must provide the tenant with a receipt stating the amount, bank and account number. The security deposit must be held in a separate interest bearing account that is protected from the landlords creditors. Also within 10 days after the tenancy begins the landlord must provide a written statement of the conditions that the tenants received the property in. Which then gives the tenants a chance to disclose any other damages that were not noted. The security deposit MAY be used for unpaid rent or reasonable damage to the unit. But they MAY NOT be used for eviction costs or attorney fees. The security must be returned to the tenants within 3o days of the tenants leaving. If you follow these directions then you’re in the clear!
Related Articles:
Sponsored By:
- No sponsors for this posts.
Discussion
1 Comment Comments
One Response to “New Landlord? Rental Deposits”Speak Your Mind
Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!
This is a great article we are asked constantly by our clients about these main issues – and I think this is something everyone should know before going to meet with a agent or landlord….