Each Massachusetts landlord must know and comply with the vital matter 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 regulation regulates almost each side of a landlord’s acceptance, holding, and return of a safety deposit. Each landlords and tenants are sometimes shocked by the main points of this regulation and what number of nuances exist with safety deposits. Few attorneys (myself included) declare to know each line of this regulation.
What ought to a landlord do in the event that they don’t need to comply with the safety deposit regulation? Don’t take a safety deposit! Few landlords ever absolutely adjust to this regulation, and the dangers of not doing to date outweigh the advantage of 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’ll be able to most likely 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, nevertheless, 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. For that reason, landlords should be diligent in assembly this deadline.
Closing Ideas
In case you are a landlord or tenant with a safety deposit difficulty, contact me for a session.