Walk It Through: The Receipt And The Statement Of Condition
A Massachusetts deposit, from the bank receipt to three times the amount due.
Signing day. The landlord asks for first month, last month, a deposit and a fee for new locks.
Two things a person in this spot might do. Picking one shows what the law says about it.
One deposit in one rental. The interest owed each year, the last month's rent, the real estate tax deduction, and a sale of the building are not worked through here.
A practice walkthrough, not a prediction of how any real one will go. Legal information, not legal advice.
Words this turns on
Terms with a legal meaning that is narrower than the everyday one. Each links to the definition and the authority behind it.
- Security depositA deposit equal to no more than the first month's rent, which stays the tenant's property: the landlord holds it in a separate, interest bearing account in a Massachusetts bank, beyond the reach of the landlord's creditors.
- Statement of conditionThe signed statement of the unit's present condition, listing any existing damage, that the landlord gives with the deposit; the tenant has fifteen days to return it with a separate list.