Addendum to apartment lease concerning security deposit.
Minnesota Addendum To Apartment Lease regarding Security Deposit
State:
Multi-State
Control #:
US-895LT
Format:
Word;
Rich Text
Instant download
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
Failure to Return Security Deposit as Required: If the landlord refuses or fails to return the security deposit within the 21-day limit or does not include the written deductions, the tenant stands to recover twice the amount wrongfully withheld deposit and an extra $500 for damages if the withholding is with bad faith
Landlords in Minnesota must also pay 1% simple noncompounded interest on the security deposit per year. Any interest amount less than $1 is excluded.
The Security Deposit clause requires the payment of a security deposit to protect, in the case of real property, the Landlord from the Tenant's non-payment of rent and from damage to the property, or in the case of personal property, the Lessor from the Lessee's non-payment or damage to the property.
The agreement should clearly mention the amount of rent that you have to pay each month and the due date by which it has to be paid. In most cases, landlords ask for a security deposit which is usually equal to one or two months' rent amount. Mention the security amount in the agreement and when it will get refunded.
Under Minnesota law, a landlord must return the tenant's security deposit within three weeks after the tenant has surrendered the rental property to the landlord (that is, returned the keys and vacated the property) and the landlord has received the tenant's forwarding address; but within five days if the tenant must
Examples of normal wear and tear include interior paint that is fading, peeling, or cracked. Small chips in your walls or nail holes from where pictures were hung would also be considered wear and tear.
A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.
Security deposits are not a part of the monthly rent. A security deposit is a set amount of money paid at the start of renting a place. This sum of money is held by the landlord throughout the rental agreement or lease. It pays for any damage the renter caused in the unit until the end of the lease period.
Getting interest on your deposit When you deal directly with the landlord then the deposit must be invested in an interest bearing account with a bank. The interest rate cannot be less than the rate earned on a savings account. On completion of the lease, the interest earned is refunded to you along with the deposit.
A residential landlord may be able to keep all or a portion of a tenant's security deposit for the following reasons:To cover unpaid rent.Damage in excess of normal wear and tear.Other breaches of the lease agreement.
