Landlord Newsletter June 1, 2011 |
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June 1, 2011
In this issue:
Please e-mail us if you have any questions or would like to add or share any material / information. Question: Can my lease require a longer timeframe than the state limit to return the security deposit? My state requires that the deposit and or settlement statement must be returned to the tenant within 30 days of the termination of the lease. Answer: In most cases, the agreement of the parties (lease) can set the terms and timeframe of the deposit return. Upon asking our company attorney, we were informed that the landlord and tenant can not change the tenant's statutory rights in their lease without specific language in the lease, such as, "tenant waives his statutory right to the deposit return within 30 days after lease termination and agrees that it may be up to 60 days." The LPA always recommends you consult with a local attorney regarding legal matters. click here for information on the LPA Security Deposit Settlement Statement Rental Binder - Deposit Receipt Many landlords and real estate agents across the US use a basic Rental Binder to secure their rental deals. Although the Rental Binder is often used as a basic rental agreement, it is not and should not be used as a rental agreement or rental application. It is a pre-contract form, a binder receipt, proof that an offer has been made with an earnest money deposit. Upon written acceptance of the offer by the owner/agent of the rental, it becomes a binder, whereby it is agreed that the rental will not be rented to anyone else before the agreed lease signing date. It is a good idea to use a rental binder form as a first step to solidify your rental deal with a non-refundable deposit, while also settting up the proposed details of your pending lease agreement, such as time, place, date and what the tenant will be expected to bring to the meeting. Although the binder receipt is included in the LPA Rental Application, this form is especially helpful to rental agents who collect their real estate commission from the tenant because it also provides for a written agreement of the rental commission. The Landlord Protection Agency® is proud to introduce John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno: A: Go for it. You are cleared for takeoff! If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question. Wealth Secrets and Success Quotes"Tenants show their true colors in pressure situations." - John Nuzzolese "Our greatest glory consists not in never falling, but in rising every time we fall." - Confucius "You'll have time to rest when you're dead." - Robert De Niro "How much did your last tenant problem cost you? Your LPA membership will pay for itself by helping you avoid the smallest tenant problem." - John Nuzzolese
comes with all 2 - 5+ year LPA Memberships Be a more powerful landlord - able to handle just about any landlord / tenant situation in a professional way, saving you time and money. ALL FREE with LPA Membership! This offer also applies to LPA membership renewals! Having all the forms all on disk is a handy time saving convenience. LPA Membership Expiring? |
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