New Law On Security Deposits – Tenants & Landlord
Written by admin on 11/01/2010 – 3:53 pm -
Did your tenant just move out? There are new rules for landlords if you intend to collect damages from the tenant’s security deposit. The landlord has 21 days after the tenant vacates to furnish the tenant an itemized statement indicating what the deposit was used for, if it was not returned. If the deductions exceed $125, the landlord must provide in writing how much time was spent and what was the reasonable hourly rate charged by the landlord.
Additionally, if the landlord hired someone else to do the work, the landlord must provide a copy of the bill, including, the name, address, and phone of that person who did the work.
If the repair cannot be completed or the receipts for work completed are in the landlord’s possession within 21 days, the landlord may still deduct the expenses as long as the landlord provides the necessary documentation within an additional 14 days.
Tags: laws, renting
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