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| Re: Cleaning Deposit |
| Posted by: Ed |
| Date: June 24, 2005 11:01:02 PM |
| Check your local laws, but in CA, the general rule is that you can't charge more than twice the monthly rent for the security deposit. One exception is if you allow waterbeds (than it can be higher) - but they have to have a waterbed to charge it. I don't recall the higher amount because I wouldn't allow a waterbed because of the obvious potential problems.
If you're worried about a pet, you can charge a higher monthly rent or ask the tenants to carry renters insurance which will cover a lot of issues that your fire policy won't. |
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| Re: Cleaning Deposit |
| Posted by: REL |
| Date: July 13, 2005 12:41:26 AM |
| The laws of many states specify that any amounts collected above the amount of one (sometimes two) month's rent is a security deposit no matter what name is given to the amounts. |
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| Re: Cleaning Deposit |
| Posted by: mlr |
| Date: July 13, 2005 09:00:25 PM |
| REL is correct ... your individual state law rules. Here in MI you are limited to 1.5 times rent as security deposit, but if you agree to a non-refundable pet fee (not deposit) in writing, you can do so. |
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