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Safety Deposit. Each Massachusetts landlord must know and observe the necessary subject of when to return a safety deposit. The seemingly minor mistake of not returning a safety deposit in a well timed method can incur huge penalties for landlords.
Safety Deposit Overview
The Massachusetts safety deposit legislation regulates practically each facet of a landlord’s acceptance, holding, and return of a safety deposit. Each landlords and tenants are sometimes stunned by the main points of this legislation and what number of nuances exist with safety deposits. Few attorneys (myself included) declare to know each line of this legislation.
What ought to a landlord do in the event that they don’t need to observe the safety deposit legislation? Don’t take a safety deposit! Few landlords ever totally adjust to this legislation, and the dangers of not doing thus far outweigh the good thing about having a safety deposit from a tenant.
When to Return a Safety Deposit
As soon as a tenancy is over, the safety deposit deadline begins: a landlord has thirty days to (a) return the deposit to the tenant or (b) correctly withhold deductions from the deposit. As you possibly can in all probability guess, each of those choices include particular necessities on their very own, which is a subject for one more weblog submit.
The important thing level, nonetheless, is that this thirty-day deadline is “set in stone.” If a landlord misses it, they face the potential for a lawsuit for treble damages, lawyer charges, and courtroom prices. Because of this, landlords must be diligent in assembly this deadline.
Ultimate Ideas
In case you are a landlord or tenant with a safety deposit challenge, contact me for a session.
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