Hennepin Minnesota Security Deposit Agreement
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How to fill out Security Deposit Agreement?
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FAQ
If your landlord does not return your security deposit within 21 days, as stipulated in the Hennepin Minnesota Security Deposit Agreement, you may have grounds for legal action. It's essential to first communicate with your landlord to understand any possible reasons for the delay. If necessary, you can consider filing a complaint with the local housing authority or consulting legal resources to pursue the matter further. You should remain informed about your rights to ensure a fair resolution.
Examples of normal wear and tear include interior paint that is fading, peeling, or cracked. Small chips in your walls or nail holes from where pictures were hung would also be considered wear and tear.
Allowable Deductions on Security Deposits in Minnesota Unpaid rent and unpaid bills; and. Costs of damage associated with returning the property to the condition it was received in due to the tenant's negligence of their obligations as a tenant.
Landlords in Minnesota must also pay 1% simple noncompounded interest on the security deposit per year. Any interest amount less than $1 is excluded.
Landlords who fail to return a tenant's security deposit according to these rules or who wrongfully withhold a tenant's security deposit could be liable for up to twice the amount wrongfully withheld and any interest that has accrued plus $500 in damages.
Getting interest on your deposit When you deal directly with the landlord then the deposit must be invested in an interest bearing account with a bank. The interest rate cannot be less than the rate earned on a savings account. On completion of the lease, the interest earned is refunded to you along with the deposit.
Security deposits in the state of Minnesota must be stored in an interest-bearing account. The account must bear interest at a rate of one percent per year.
When: In Minnesota, a landlord must typically return a tenant's security deposit within three weeks of tenant move-out. The exception to this rule is if the tenant had to move out because the entire building or the tenant's unit has been condemned.
Tenants will often withhold payment of rent in their final month of tenancy, and expect the security deposit to serve as payment of the final month's rent. This is not permitted under Minnesota law.
If the landlord doesn't send you an explanation within 21 days (or 5 days if your place was condemned), the law gives you a penalty equal to the amount you are owed. Ask to get this penalty amount.