Addendum to apartment lease concerning security deposit.
Rhode Island Addendum To Apartment Lease regarding Security Deposit
State:
Multi-State
Control #:
US-895LT
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Word;
Rich Text
Instant download
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
Law 34-18-19 in Rhode Island establishes the regulations for security deposits in residential leases. It dictates how much a landlord can collect, as well as the conditions for returning the deposit upon lease termination. The Rhode Island Addendum To Apartment Lease regarding Security Deposit includes these legal requirements, ensuring both parties are informed. Understanding this law can protect you as a tenant and clarify a landlord's responsibilities.
1 attorney answerGenerally, yes, the RI Residential Landlord and Tenant Act limits a landlord to collecting one month's security, whereas you describe a situation that appears to have required that you post two month's security.
The Security Deposit clause requires the payment of a security deposit to protect, in the case of real property, the Landlord from the Tenant's non-payment of rent and from damage to the property, or in the case of personal property, the Lessor from the Lessee's non-payment or damage to the property.
A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.
Writing a Contract AddendumName the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.
Security deposits are not a part of the monthly rent. A security deposit is a set amount of money paid at the start of renting a place. This sum of money is held by the landlord throughout the rental agreement or lease. It pays for any damage the renter caused in the unit until the end of the lease period.
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.
In Rhode Island, your landlord can only require the first month's rent and a security deposit equal to 1-month's rent. (Demanding 'first, last and security deposit' is common, but illegal, in Rhode Island.)
The agreement should clearly mention the amount of rent that you have to pay each month and the due date by which it has to be paid. In most cases, landlords ask for a security deposit which is usually equal to one or two months' rent amount. Mention the security amount in the agreement and when it will get refunded.
A contract addendum is a post-contract attachment that modifies, alters, or totally changes some of the terms of a previously established contract. Typically, this adds something new to a preexisting document. Once all parties named in a contract agree to an addendum, it becomes a part of the new contract.
