Security Deposit Guide

Note: These are summaries of State Landlord Tenant Security Deposit Laws.

Detailed Security Deposit information may be found on RentLaw.com The National Landlord Tenant Guides http://www.rentlaw.com/securitydeposit.htm .


Note: GUIDELINES typically apply leases of 1 year or more. Each state may have different security deposit laws. Generally "Short Term" agreements do not apply. Short Term may be defined as Seasonal Rental (Winter, Summer, etc), student housing (semester), dormitories, hotels or rooming houses.

Before you move in, do a walk through (pictures) and note any damages and condition of the rental. The move-in list should be referred to when you leave.
When you leave the apartment (or other rental) do a walk through with the owner or property manager. Take pictures and both agree to any damages or to the condition of the rental. See our Normal Wear Tear Guide.

Late Rent Payment Fees

While many states do not specifically regulate LATE FEES for LATE RENT PAYMENTS, the term REASONABLE or FAIR is often used in stating how much the late fee can be.

Some states that do regulate LATE RENT FEES may also state that a LATE FEE may not be charged until 5 or 10 days (or any number) after the due date or not until the tenant is notified, in writing, of the rent due and possibility of being charged a late fee. You may also give the tenant 3-5 days (if you choose) BEFORE you decide to charge a late fee.

If you accept late rent payments from the tenant, even with the late payment fee, you may be telling the tenant "it's ok to pay late" - this is what you
"imply" to the tenant.

While it does no good for the tenant to pay late rent, especially with the late fee, some do.

As a landlord, be sure ONCE THE FIRST PAYMENT IS RECEIVED LATE, CHARGE A LATE FEE.
Do so in a standard letter, delivered Certified Mail. Be sure your late fee clause in contained in WRITTEN LEASE and be specific WHEN and HOW MUCH the reasonable late fee will be if rent is not paid on the DUE DATE.

Often what happens when a tenant is late in paying rent, YOU as the landlord wind up becoming late on your payment for related bills, especially if your rental income does not cover your operating expenses.

Different rules may apply for Federal or State subsidized housing. Read your contracts you sign with the Federal or State Agency to understand if and how much you can charge for late rent payment fees.

Read more on Late Rent Payment Fees on RentLaw.com The National Landlord Tenant Guide.

RentLaw.com Launches Tenant Screening Services

February 2, 2009 - RentLaw.com The National Landlord Tenant Guide announced today they have launched a Tenant Screening Service powered by Advantage Tenant.

Designed for landlords of all sizes, the service is available online 24 hours a day / 7 days a week. In addition, customer service hours are from 8 am to 6 pm to answer questions related to the tenant credit reporting services.

To obtain a tenant credit report, go to the partner site : http://www.advantagetenant.com/rentlaw-tenant-screening.html and begin.

For more information on using tenant credit reports, visit RentLaw.com Tenant Credit Reporting Center.

David Dorfman, publisher of RentLaw.com, said today "this marks another milestone in the continued growth of RentLaw.com as this service, powered by Advantage Tenant, provides another opportunity for landlords, large and small, access to an easy to use and affordable service for tenant verification".

About RentLaw.com The National Landlord Tenant Guides - Founded in 1998 by David Dorfman, RentLaw.com today has over 40,000 members including landlords, tenants, lawyers and more.

Abour AdvantageTenant.com - Founded in 1991, Advantage Tenant is a subsidary of Advantage Credit International, is one of the largest providers of credit reporting services in the country.

Contact:
David Dorfman
Publisher
RentLaw.com
dorfman.david@gmail.com
732-539-2914