Washington Deposit Agreement
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How to fill out Deposit Agreement?
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FAQ
Yes. You have three options when it comes to storing your tenant's security deposit. One option is to store it in a trust account. You must set up the account and use it only to store your tenant's security deposit. Washington Security Deposit Law (Ultimate Landlord Guide) kenziepm.com ? washington-security-deposi... kenziepm.com ? washington-security-deposi...
RCW 59.18. 270 requires that the landlord must put all security or damage deposit money into a trust account, a bank or licensed escrow agent in Washington state.
Tenants may still pursue the return of their deposit if the landlord did not get a written response to them within 21 days, or if the landlord did not perform a written checklist upon move-in. The law does not prohibit a landlord from pursuing damage charges. Deposits FAQ - Tenants Union of Washington State tenantsunion.org ? rights ? deposits-faq tenantsunion.org ? rights ? deposits-faq
Washington landlords can charge tenants any amount they see fit and there is no maximum security deposit. That said, the usual rule of thumb is to request the tenant pays the equivalent of one to two months' rent as a deposit.
A landlord may not terminate a tenancy or increase rent or change other terms of the rental agreement to retaliate against a tenant who asserts his or her rights under the Landlord-Tenant Act or reports violations of housing codes or ordinances.
Washington state law does not limit how much a landlord can charge for a security deposit. However, it does limit when it must be returned (within 14 days after a tenant moves), and sets other restrictions on deposits. Overview of Landlord-Tenant Laws in Washington - Nolo nolo.com ? legal-encyclopedia ? overview-l... nolo.com ? legal-encyclopedia ? overview-l...
If the tenant intends to occupy the rental unit for more than one year, the security deposit should be reported as a long-term asset (or noncurrent asset) under the balance sheet classification "Other assets". The landlord that receives and holds the security deposit should report the amount as a liability.