Property Management
Under Massachusetts law, a landlord may deduct from a security deposit for all of the following EXCEPT:
AUnpaid rent
BDamage beyond normal wear and tear
CNormal wear and tear caused by ordinary use✓ Correct
DCost to repair holes in walls caused by tenant
Explanation
Massachusetts Chapter 186 §15B prohibits landlords from deducting the cost of normal wear and tear from security deposits. Only actual damage beyond normal wear and tear, unpaid rent, and unpaid utility charges may be deducted.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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