This office lease clause states that the amount of the security deposit shall be reduced from 4 months' Base Rent to 3 months' Base Rent provided that certain lease conditions are met by the lessee.
Massachusetts Clause Providing for the Reduction of the Tenant Security Deposit
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FAQ
Section 92.104 of the Texas Property Code describes what a landlord may deduct from a security deposit: Before returning a security deposit, the landlord may deduct from the deposit damages and charges for which the tenant is legally liable under the lease or as a result of breaching the lease.
Security deposits from the tenant in residential dwelling units shall be deposited in a trust account with a licensed and federally insured depository institution or a trust institution authorized to do business in this State, or the landlord may, at the landlord's option, furnish a bond from an insurance company ...
When landlords rent apartments to new tenants, sometimes they try to get more money than just the rent. They may try to tack on extra fees such as "holding deposits," "rental fees," "pet fees," or "application fees." These extra charges are illegal.
A Tenant at Will is one who occupies a rented apartment without a lease, but pays rent periodically (typically monthly). Either the landlord or the tenant may terminate this arrangement at any time by giving written notice of 30 days or one full rental period in advance, whichever is longer. No reason is required.
After you move out, a landlord may only use your security deposit for unpaid rent or to repair damages you or your guests caused. The damage must be more than ?reasonable wear and tear.? Landlords are not allowed to use the security deposit for routine painting, cleaning or small repairs.
?A landlord must return a tenant's security deposit and any interest, minus any portion that was rightfully subtracted, within 30 days after the tenant moves out.?
Last month's rent - The tenant is entitled to either 5% interest or whatever lesser amount is received from the bank where your rent was held. If the last month's rent is not held in a bank account, the landlord must pay 5% interest per year.
