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Home / Real Estate Information / Home Buyer Tips / MA Guidelines On Rental Deposits

02.07.14 Home Buyer Tips, Local Information

MA Guidelines On Rental Deposits

In Massachusetts, landlords can require two different types of deposits: a security deposit and last months rent. These funds must be processed in a particular manner. An overview of the MA guidelines on rental deposits is provided below.

Statement of Property Condition

Within ten days of accepting security deposits for MA apartments, landlords must furnish tenants with a statement that detail any pre-existing damages. Tenants must be granted fifteen days to confirm the information. A corrected list should be given to both parties. This document will be referenced at the end of the tenancy and will be the basis for any damage claims for which the landlord may withhold funds from the security deposit.

Receipt and Location of Funds

All deposits (both security and rent) must be placed in a Massachusetts interest bearing account. They should also be protected from creditors of the landlord in an escrow or equivalent account. Many financial institutions offer products for this specific purpose. The account can contain the personal information of the tenant (for tax purposes). Landlords must write out a receipt and provide information on the bank where the money is being deposited.

Interest and Returning Funds

At the end of each year, interest must be given to the tenant. This may be done by writing a check from the landlord or deducting it from rent for a given month. After a tenant has moved out, landlords must pay back security deposits to tenants within 30 days. The landlord may deduct amounts for damages (not counting normal wear and tear) and unpaid rent. Monies withheld should be detailed in a list and provided to the tenant. For repairs, a list of specific damages should be included along with repair estimates.

MA Guidelines On Rental Deposits

The above details are simply an overview of MA guidelines on rental deposits. Particular situations can vary and it might be prudent to receive legal advice. Be sure to call a lawyer who is familiar with Massachusetts guidelines. Additional information may also be found on the Massachusetts website at http://www.mass.gov/ocabr/consumer/housing/tenant-and-landlord.

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Tags: guidelines, MA, rentals, security deposits

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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  • Local Information (61)
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  • News (22)
  • Real Estate Information (175)
    • Featured Properties (2)
    • Home Buyer Tips (133)
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Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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