Legal Fees When Moving In
Landlords and property managers should abide by local landlord-tenant laws to ensure nothing is overcharged. Learn more as we explain the legal fees you can collect from tenants when they are moving in. State laws on move-in fees State laws on move-in fees vary. Some states have no limit on the amount…
Landlords and property managers should abide by local landlord-tenant laws to ensure nothing is overcharged. Learn more as we explain the legal fees you can collect from tenants when they are moving in.
State laws on move-in fees
State laws on move-in fees vary. Some states have no limit on the amount you can collect and some have a very low amount.
In the state of Massachusetts, landlords are allowed to collect the following:
- first month’s rent equivalent to a month’s rent
- last month’s rent, maybe an equivalent to one month’s rent
- security deposit no greater than one month’s rent
- a key deposit
It is not allowed to charge an application fee, a pet application fee, or a two-month security deposit. If you don’t follow the rules, you are going to be in serious financial trouble because it opens you up to liability.
Tenants can bring you to court if they find you guilty of this. You can be responsible for up to triple damages. For example, if your security deposit is $2,000, out of pocket, you could pay $6,000.
How property managers help
At Green Ocean Property Management, we help you make sure that you know the rules. Most importantly, we ensure that you are following them.
Too many property managers or real estate agents out there try to collect additional charges to make some extra money on the side. Those are the kind of property managers you should avoid as they open you up to liability.
Our commitment
If you or anyone else you know is looking for a property manager to help guide you through the rental application process as well as the legal fees you can collect when tenants are moving in, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind. Contact us today to discuss how we can assist you!
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