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Landlord-tenant relations are governed by municipal regulations, hence, they vary by city, but it is normal that a security deposit should collect interest. Of course, we are in a period of history in which interest rates in general are remarkably low, so I would not expect to collect a lot of interest.
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What is the function of a bank?
The function of a bank is deficit financing and deposit mobilization. They collect deposits from customers and grant loans to people and businesses that need financing. They collect an interest from the loan customers and in turn grant interest to the deposit holders.
Where does a landlord keep a security deposit?
Most states require the landlord to place the deposit in an interest-bearing account, protected from his creditors.
If you take a security deposit from a tenant do you have to keep that money in a special account?
Normally this is the proper procedure. The laws state that the landlord must tell the tenant in writing where the deposit is located, and whether the deposit bears interest and at what rate of interest if any.
Highest Interest in which deposit - recurring deposit or fixed deposit?
how to calculate Recurring deposit interest ?
Is it necessary to give tent security deposit receipt?
Not if it's mentioned on the lease. It then should tell the Tenant (not "tent") where this deposit is located and whether it bears interest.
Pet deposit different from a security deposit?
I can only answer this for Massachusetts, but I think it's the same in most or all states. MGL c.186 only allows a landlord to collect at the beginning of a tenancy: 1. first month rent; 2. last month rent; 3. security deposit; and 4. a key fee. Anything else is forbidden. Futhermore, a pet deposit is clearly meant to cover damage by a pet. That's a security deposit - it's the same thing. BTW, the deposit must then be handled like a security deposit, which is difficult. The penalty for mishandling it is three times the amount of the deposit.
Can landords collect for damages after they have gave the security deposit back?
Certainly. They would need to file a suit, probably small claims.
Meaning of security deposit?
A security deposit is an advanced deposit that is generally retained by the landlord during your tenancy. The landlord is obligated to return such deposit within 30 days with interest earned, if any, and/or an itemized list of expenses for which the landlord is offsetting the deposit amount (for which he wants to keep some or all of the deposit). The laws regulating such deposit varies between states under the Landlord/Tenant laws of that state.
Can a landlord decide to collect a security deposit five months after lease was signed?
They can change conditions upon renewal. Not sure if they can do this if it is not on the lease. Read your lease: it may be that they failed to collect it at the time.
What is different between Deposit mailing here and Collect mail?
deposit mail is to put it in and collect mail is to take it out.
What has the greater value 25'912 cash plus 29913 interest deposit or 18608 cash plus 37200 interest deposit?
25'912 cash plus 29913 interest deposit or 18608 cash plus 37200 interest deposit
Which has the greater value 24625 interest deposit plus 26250cash or 15840 interest deposit plus 36250cash?
15840 interest deposit plus 36250 cash is greater.
