Security Deposits in Massachusetts

[Cheng Bin Zhang]

Hi All,

Have a few questions regarding the collection of security deposits.  In the commonwealth of MA, I understand there are strict regulations around security deposits including:

1. Having a Tenant-Landlord Checklist to review what work/doesn't work.

2. Setting up separate security deposit (interest bearing) accounts to hold the security deposits until the tenancy ends.

3. I believe we must return the security deposit to the tenant within 30 days from the termination of the lease.

4. All deductions on the security deposits should be supported by photos, contractor invoices, etc.

I have not implemented and have the following questions:

a. Should I create and show the preset repair pricing list to the tenant ahead of time (when we complete the landlord-tenant checklist)? 

b. What if the tenants leave and don't provide me with a forwarding address to return the security deposit?  Do I get to keep it?  After how many days do I have to wait?

c. What if there are multiple tenants jointly and severally responsible?

Happy to hear your thoughts.  Fairly small portfolio at the moment so might not have the resources to invest in a big complicated process.

Thanks,

Cheng