What are the laws regarding security deposits?
In Massachusetts, there are several laws governing the use of security deposits. In general, landlords must keep security deposits in an escrow account, meaning that they must keep the money separate from their own funds. Additionally, landlords must provide tenants with a receipt when they receive a security deposit. This receipt should detail the date, amount, and purpose of the security deposit along with the name and address of the bank where the funds will be held. Upon returning from a tenancy, landlords are responsible for returning any remaining security deposits, minus any damages that may have been incurred during the duration of the tenancy. In most cases this must be done within 30 days of the tenancy ending. In circumstances where the landlord wishes to withhold a portion or all of the funds, they must provide a detailed written explanation of the deduction, along with invoices or receipts indicating any repairs that were made to the property. Landlords are prohibited from using a tenant’s security deposit for any purpose other than to repair damaged property, as outlined in the lease agreement. Furthermore, landlords are prohibited from charging fees such as a non-refundable security deposit or a pet deposit, unless explicitly stated in the rental agreement. These laws regarding security deposits are in place in Massachusetts in order to protect the rights of tenants. It is important for tenants to familiarize themselves with the laws before entering into a rental agreement.
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