 Last Months Rent Escrow (by Rick [MA]) Oct 23, 2020 2:27 PM
 Last Months Rent Escrow (by Vee [OH]) Oct 23, 2020 5:20 PM
Last Months Rent Escrow (by plenty [MO]) Oct 23, 2020 5:23 PM
Last Months Rent Escrow (by Pmh [TX]) Oct 23, 2020 5:23 PM
Last Months Rent Escrow (by Steve [MA]) Oct 23, 2020 6:39 PM
Last Months Rent Escrow (by 6x6 [TN]) Oct 24, 2020 10:35 AM
Last Months Rent Escrow (by Rick [MA]) Posted on: Oct 23, 2020 2:27 PM
Message:
State Specific Question About: MASSACHUSETTS (MA)
I have a tenant that is past due on October rent due to having Covid-19. If both the tenant and I agree, can I use the last months rent that is in escrow and apply as October rent?
Thank you,
Rick
--73.149.xxx.xx |
Last Months Rent Escrow (by Vee [OH]) Posted on: Oct 23, 2020 5:20 PM
Message:
Hopefully someone from your local/state will come in and answer but the states around the great lakes do not allow using the deposit until the unit has turned back to the owner/manager - this is how many newer housing providers lose a lot of money trying to make repairs when there is nothing in the tenant damage account. --76.188.xxx.xxx |
Last Months Rent Escrow (by plenty [MO]) Posted on: Oct 23, 2020 5:23 PM
Message:
Are they moving? I would not if i didn't have to --172.58.xx.xxx |
Last Months Rent Escrow (by Pmh [TX]) Posted on: Oct 23, 2020 5:23 PM
Message:
In TX tenant cannot use deposit for rent. but LL can apply unpaid rent against deposit. I think you can both agree to use the deposit. but what happens when Nov not paid ? --107.77.xxx.xxx |
Last Months Rent Escrow (by Steve [MA]) Posted on: Oct 23, 2020 6:39 PM
Message:
In MA we don't have to escrow a last month's rent. This money is ours & it doesn't need to be protected from our creditors. At some point we do have to apply it against the tenant's rent. In the mean time we can do whatever we want with the money even use it to light a cigar. However if you don't put it in an interest bearing account(not an escrow account) you are required to pay 5% interest after 12 months per MA law.
If you & your tenant both agree to use the money that they prepaid as a last month's rent, I don't see any legal reason that you couldn't. If you decide to do this make sure you get something in writing that states they agree to do this.
I'm curious are they planning to vacate by 10/31/2020? If not what's your plan for November's rent? --71.174.xxx.xx |
Last Months Rent Escrow (by 6x6 [TN]) Posted on: Oct 24, 2020 10:35 AM
Message:
Have they proven it is due to COVID as is required? --73.120.xx.xxx |
Reply:
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