In spite of the common notion that landlords can deduct from a rental security deposit for just about anything, that is not necessarily the case.
First of all, most tenants are not aware that a rent deposit is separate from a rental security deposit. A Boston real estate lawyer would tell you that a rent deposit is the pre-payment to the landlord for the last month of a lease or tenancy.
A rental security deposit is a deposit of money to the landlord to ensure that rent will be paid and other responsibilities of the agreement will be performed such as maintenance of the rental unit.
Here is a good thing for tenants to know. Neither deposit can be larger than the amount of a month's worth of rent. Also, a landlord must pay a tenant interest on both deposits.
According to Massachusetts Tenant Rights and Responsibilities section, you have the right to either 5% interest or whatever lesser amount is received from the bank where the deposit has been held, if you lived in the apartment for at least one year. The law requires the landlord to hold a security deposit in a separate, interest-bearing account in a Massachusetts bank. Within 30 days of receiving your deposit, the landlord must give you a receipt identifying the bank's name and address, the account number, and the amount of the deposit.
However, tenants should know that the landlord has the right to damage deductions for security deposits. Some of these deductions are: unpaid rent, unpaid increase in real estate taxes if you agreed to pay such taxes in your lease agreement, and any reasonable amount necessary in order to repair damages in the rental unit.
Some specifics that a tenant should know is that a landlord is required to give you a detailed list of damages and their necessary repairs within 30 days after the tenancy ends. The landlord must also provide evidence of actual and estimated costs of repairs such as estimates, bills, invoices and receipts.
If you have more questions about security deposits, check out our Related Resources.
Related Resources:
- Chart: Cleaning and Repairs a Landlord Can Deduct From a Security Deposit (FindLaw)
- Ask Your Boston Real Estate Lawyer About Your Rent Deposit (FindLaw's Boston Real Estate Law News Blog)
- Meet With A Boston Real Estate Attorney (FindLaw)
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