Massachusetts law places a limit on the security deposit amount that Landlords may request. Landlords can ask for no more than one month’s rent as a security deposit.
As part of this Agreement, Tenant will deposit with the Landlord the sum of $ (insert amount) as security for any damage caused to the Premises during the term hereof. The Security Deposit is required by the Tenant upon the execution of this Agreement.
The Landlord will place the security deposit as received by the Tenant into a separate interest-bearing bank account based in Massachusetts. The details of this account are:
(Name of Bank)
(Address of Bank)
(Bank account number)
(Amount being held)
The Landlord must provide the tenant with a Security Deposit receipt within 10 days of receiving the deposit from the Tenant. This receipt will contain the amount of the security deposit, the name of the Landlord, the date the deposit is received, a description of the leased property, and the signature of the Landlord.