The Massachusetts Addendum to Apartment Lease regarding Security Deposit is an important legal document that outlines the specific terms and conditions related to the security deposit for a residential lease in Massachusetts. This addendum serves as an extension of the main lease agreement and provides additional information and protections for both landlords and tenants. One type of Massachusetts Addendum to Apartment Lease regarding Security Deposit is the "Security Deposit Disclosure Statement." This type of addendum requires the landlord to provide a detailed written statement to the tenant within 10 days of receiving the security deposit. This statement includes information such as the amount of the deposit, the bank and account number where it will be held, and a summary of the tenant's rights and obligations related to the deposit. Another type of Massachusetts Addendum to Apartment Lease regarding Security Deposit is the "Itemized List of Damages and Charges." This addendum outlines the landlord's responsibility to provide an itemized list of any deductions made from the security deposit at the end of the tenancy. It specifies that the landlord must send this list to the tenant within 30 days of the termination of the tenancy. This addendum ensures transparency and accountability in the handling of the security deposit. Additionally, a Massachusetts Addendum to Apartment Lease regarding Security Deposit may include clauses regarding the return of the security deposit. This addendum specifies the timeframe (usually 30 days) within which the landlord must return the security deposit to the tenant after the termination of the lease, minus any valid deductions. It also outlines the consequences of failing to return the deposit within the specified timeframe, such as potential legal action or additional penalties. Furthermore, the addendum may contain provisions related to interest on the security deposit. In Massachusetts, landlords are required to pay tenants annual interest on their security deposit. The addendum can outline the rate at which this interest is calculated and the frequency of payments. It is crucial for landlords and tenants in Massachusetts to understand and comply with the Massachusetts Addendum to Apartment Lease regarding Security Deposit. By doing so, both parties can ensure fair and transparent handling of the security deposit throughout the tenancy and its subsequent return.
Massachusetts Addendum To Apartment Lease regarding Security Deposit
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FAQ
Check if your landlord can take money from your deposityou owe rent.you've damaged the property - this could be something like a spill on the carpet or a mark on the wall where you've hung a picture.you've lost or broken some items from the inventory, like some cutlery or mugs.
Your landlord must keep your security deposit in a bank account in Massachusetts. The account must be separate from the account she keeps her own money in. And every year she must pay you the interest it earns.
In Massachusetts, a landlord can request first and last month's rent, a security deposit in the amount no greater than one month's rent, and a change in lock fee. No other fees can be charged, including application fees or a pet deposit.
Damage deduction for security depositsThe landlord must return the security deposit or balance within 30 days after the termination of tenancy. However, the landlord can deduct from the full amount for: Any unpaid rent which has not been withheld validly or deducted in accordance with the law.
At the end of a tenancy, a landlord cannot ask the tenant to pay for repair or replacement for changes which were caused by fair wear and tear. Some examples of fair wear and tear are worn carpets, faded curtains, minor scuffs and scrapes on walls, worn keys and dirty windows.
The security deposit is used to compensate for the cost of repair of any unreasonable damage to the rental property caused by the tenant, other occupants, or their guests during the tenancy.
Your landlord or agent cannot keep your deposit to cover putting right normal wear and tear.
Landlords in Massachusetts must also pay tenants 5% interest on the security deposit per year, or the amount of interest paid by the bank (the bank must be in Massachusetts). Interest should be paid yearly, and within 30 days of the termination date.
What are the common reasons for deposit deductionsUnpaid rent at the end of the tenancy.Unpaid bills at the end of the tenancy.Stolen or missing belongings that are property of the landlord.Direct damage to the property and it's contents (owned by the landlord)Indirect damage due to negligence and lack of maintenance.More items...
