Property Management
A Massachusetts landlord fails to return a tenant's security deposit within the required time period. The tenant may be entitled to:
AOnly the deposit amount
BThe deposit amount plus 5% interest
CThree times the deposit amount plus interest and attorney's fees✓ Correct
DDouble the deposit amount
Explanation
Under Massachusetts law, if a landlord wrongfully withholds a security deposit, the tenant may recover three times the amount wrongfully withheld, plus interest and attorney's fees.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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