W
hen renting to residential tenants in Massachusetts, the law concerning security deposits, is riddled with details that landlords must follow closely:If you keep a security deposit here is a summary of what is required of the landlord:
 | The security deposit can not be greater than one months rent. | ||||||||||
| The funds must be held in an interest bearing account at a Massachusetts bank or credit union. | ||||||||||
| The account must be beyond the claim of creditors of the lessor including a bankruptcy trustee or foreclosing mortgagee. | ||||||||||
| The account must be transferable to a new owner upon the sale of the real estate. | ||||||||||
| Interest earned on the account must be payable to the tenant. | ||||||||||
| The landlord or his agent must give a dated receipt showing the amount of the deposit
which contains the following:
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