August’s Top Performers

August’s Top Performers Agent name Most new Listings; Agent name Most Units Sold; Renee Jean Top producer;

2 Day Schedule Of Events…

Next Office Meeting; October 9th Current State of The Market Stats…… Realtor.com Display Showcase, office participation program…. Guest Speaker: Joe Sweeney How to earn additional money while selling Real Estate Special guest speakers: Kenny Olson and Vasco Cabral

Massachusetts Tenant and Landlord Rights And Agent responsibilities.

Massachusetts Security Deposits and Last Month’s Rent:Last month’s rent is the pre-payment to the landlord for the last month of tenancy. A security deposit is a deposit of money to the landlord to ensure that rent will be paid and other responsibilities of the agreement will be performed. Neither may be greater than the amount of one month’s rent. If the landlord later raises the rent, they may require you to increase the amounts of both pre-payments to equal the new rent. Neither the landlord nor you can transfer one for the use of the other without the other party’s consent.

Receipts: Upon receiving the last month’s rent or a security deposit, the landlord must give you a receipt for each pre-payment. If the landlord collects the last month’s rent, they must give you a statement indicating that you are entitled to interest on this rent and that you should provide the landlord with a forwarding address at the termination of tenancy where interest can be sent.

Interest: The Massachusetts landlord must pay interest on both the security deposit and the last month’s rent.

Security deposit: you are entitled to either 5% (subject to change) interest or whatever lesser amount received from the bank where the deposit has been held, if you live in the apartment for at least one year. The law requires the landlord to hold a security deposit in a separate, interest bearing account in a Massachusetts bank. Within 30 days of receiving your deposit, the landlord must give you a receipt identifying the bank’s name and address, the account number, and the amount of the deposit.

Last month’s rent: you are entitled to either 5% interest or whatever lesser amount received from the bank where the rent was held. You do not have to live in your apartment for one year to be eligible for the interest.

Payment of Interest: Interest is payable to you each year on the anniversary date of your tenancy. The landlord must send you a statement of the interest owed, and must either include the interest, or allow you to deduct the amount from the next rental payment. If you do not receive the interest within 30 days of the anniversary, then you may deduct the interest from the next month’s rent. Once you terminate your tenancy, any interest owed to you must be paid within 30 days of termination.

Statement of Condition: If a Massachusetts landlord or agent takes a security deposit, they must give you a signed, separate statement of the present condition of your apartment including a comprehensive list of any existing damage. The landlord or agent must provide you with this statement upon receipt of the deposit or within 10 days after the tenancy begins, whichever is later. If you do not agree with the contents of the statement, you must return a corrected copy to the landlord within 15 days after you receive the list or 15 days after you move in, whichever is later. If you fail to return the list and later sue to recover your security deposit, a court may view your failure to do so as your agreement that the list is complete and correct. If you submit a separate list of damages, the landlord must return it within 15 days of receipt with a clear written response of agreement or disagreement.

The signed statement and the original condition statement are the basis upon which future deductions for damage will be made. If the landlord does not give you a Statement of Condition, you should write your own and send a copy to the landlord or agent.

Below is not really a concern of ours unless we are a landlord. • Damage Deduction for Security Deposits: The landlord must return your security deposit or balance within 30 days after the termination of tenancy. The landlord can only deduct for the following: • any unpaid rent which has not been withheld validly or deducted in accordance with the law; • any unpaid increase in real estate taxes if you were obligated to pay it under a valid tax escalator clause in your lease; and • a reasonable amount necessary to repair any damage caused by you, any person under your control, or any person on the premises with your consent. Pet damage can also be deducted. You do not have to pay forreasonable wear and tear associated with normal use.

The landlord cannot keep any portion of your security deposit for any reason, including making deductions for damages, or counterclaim for any damage to the premises in a court action by you to recover a security deposit if the landlord .…

◗ Uses a lease which contains provisions conflicting with the Security Deposit Law and attempts to enforce these provisions or attempts to get you to sign a waiver of rights; or

◗ Fails to deposit the security deposit into a separate, interest-bearing account in a Massachusetts bank; or

Fails to transfer the security deposit or last month’s rent to the new landlord after the sale of the rental property; or

Makes deductions for damages and fails to furnish you with an itemized list of damages within 30 days after termination of tenancy.

◗ Fails to return the security deposit (or balance after lawful deductions) with interest within 30 days after termination of tenancy.

If the landlord fails to pay you any interest to which you are lawfully entitled (including interest on the security deposit and interest on the last month’s rent) within 30 days after termination of the tenancy, you are entitled to three times the interest, plus court costs, and reasonable attorney’s fees.

Good to know for practicing Agents and Landlords! Before Agreeing to a Tenancy (or Signing a Lease) ◗ Do not put money down unless you are sure you want the apartment. Although you may be legally entitled to the return of your money up until the landlord formally accepts you as a tenant, that money may be difficult to recover.

This can be found on Prestige Agents website in the “Lease Rentals” Folder Massachusetts Rental Agent Requirements Last month’s rent and security deposit are considered pre-payments therefore require a receipt and interest payments due yearly. When a landlord collects first month’s rent, the tenant requires; 1) Rent receipt (may be generic) 2) Lead Notification 3) Lease or written rental agreement (Optional) 4 Agency Disclosure (Optional)

When the landlord collects first and last month’s rent, the tenant requires; 1) Official MAR Receipt (Receipt gives notice of interest due) 2) Lead Notification 3) Lease or written rental agreement (Optional) 4) Agency Disclosure (Optional) When Landlord collects first, last and security rent, the tenant requires; 1) Official MAR receipt 2) Interest Statement of Security Deposit 3) Statement of Condition 4) Lead Notification 5) Lease or written rent agreement (Optional) 6) Agency Disclosure (Optional)

Working with a perspective tenant; 1) SIGN A R.I. MANDATORY AGENCY DISCLOSURE 2) Hand them the following: (REQUIRED by LAW) a) R.I. Representation Brochure b) Lead Mitigation Laws c) Protect Your Family from Lead Brochure 3) Must Sign the Lessor’s Lead Disclosure (REQUIRED by LAW) 4) Your client must get a receipt for monies given! RHODE ISLAND A LANDLORD CAN ONLY ACCEPT MAXIMUM OF TWO PAYMENTS FIRST AND LAST OR FIRST AND SECURITY!!!!

What is the Rhode Island Lead Mitigation Law R.I. Lead Hazard Mitigation Law Landlords are required by law to have a “Certificate of Conformance” by an independent lead inspector and update it every two years. This is a visual lead inspection in order to be in compliance. Landlords are required to have a “Certificate of Presumptive Compliance’’ by an independent inspector and updated every two years if building was constructed after 1960.

Working with Landlord; 1) Sign R.I. Mandatory Agency Disclosure 2) Sign Listing Agreement 3) Fill out & sign Lessor’s Lead Disclosure 4) Hand Them the Following; a) Requirements of New Owners, Landlords Brochure b) R.I. Mitigation Laws Brochure When You Rent; Have Tenant sign Lead Disclosure Fill Out Money Receipt!

August’s Top Performers