This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Maine Application to Lease an Apartment with Payment of First Month's Rent as Deposit
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US-02428BG
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How to fill out Application To Lease An Apartment With Payment Of First Month's Rent As Deposit?
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FAQ
Overview. Landlords are allowed to collect the first and last month's rent, a security deposit equal to one month's rent and money for the purchase and installation costs for a lock and key.
Maximum Security Deposit Charge in Maine In Maine, landlords may charge up to two months' rent. A mobile home park may require charge up to three months' rent. Additional Pet Deposits. Pet deposits are not controlled but usually equate to one month's rent.
Maine Landlord Tenant Law Security depositsThe landlord must return the security deposit in full at the end of the tenancy, provided the tenant does not owe back rent. The amount of rent due and the cost of repairs for any damages caused by the tenant can be retained.
On average, the cost of a security deposit is equal to one month's rent, but landlords often charge up to three months' rent. If other rentals in the area are charging around the same amount, it will be in your best interest to follow suit to give you a better chance of leasing your rental.
Legal Basics.Maine landlords can charge up to two months' rent as a security deposit through surety bond or standard money holding.
The short answer is no, you don't have to take deposits. Indeed, some landlords have made a positive decision not to take a deposit, so as to avoid the bother of having to protect it in a tenancy deposit scheme.
According to the Zillow Group Housing Trends Report 2020, 88% of renters pay a security deposit, and the typical security deposit amount is $700.
Landlords cannot enter tenanted properties without giving proper notice. Landlords cannot arbitrarily end someone's tenancy before the lease expires. Arbitrary, mid-lease rent increases are not permitted unless specified in certain circumstances in the lease or by the municipality.
A holding deposit can be up to 1 week's rent. If the rent is monthly, work out 1 week's rent by multiplying the monthly amount by 12 months then dividing it by 52 weeks.
Security DepositsYou may not use your security deposit to cover your last month's rent unless your landlord agrees. According to Maine lease and rental agreement laws, landlords cannot charge you more than two (2) times your monthly rent for a security deposit.