How can a landlord properly collect a security deposit?

A landlord in North Dakota must properly collect a security deposit from their tenant in order to protect their property. According to North Dakota law, a landlord can collect a security deposit from a tenant, but must follow the rules established by the state. The landlord must place the security deposit into a trust account in a bank or other depository for the tenant. The law also requires the landlord to provide the tenant with a written statement detailing the total amount of deposit collected, the name and address of the bank or other depository in which the funds were placed and the name of the tenant whose deposit is in the trust account. In addition, the landlord must provide the tenant with an itemized list of any deductions that may be made from the security deposit within 30 days after the tenancy has ended. If deductions are made, the landlord must also include a reason for the deduction, along with a receipt showing that the amount deducted was actually paid. Finally, the landlord must provide the tenant with the remaining security deposit within 30 days of the termination of the tenancy. If the landlord fails to comply with these rules, they may be held liable for damages or other costs.

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How can a landlord properly collect a security deposit?

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