Legal Question in Landlord & Tenant Law in Massachusetts
I am a landlord that has 3 new co-tenants/roommates about to sign a lease for a property for Aug/1. I understand in MA I need an interest bearing escrow account for the security deposit with My name and the other party. Multiple banks told me I can only have 1 of the tenants names on the account, and another bank told me to make 3 accounts splitting the security 3 ways. What is the correct way to handle this? (I understand about first/second receipt as well...but not having 3 paying roommates on 1 lease). Do I need to have them sign a document agreeing to one of the members of their party being designated the "payee" of the security?
1 Answer from Attorneys
I would have them sign the document stating the security deposit will be held in only ones name but any check issued from the account to the tenants will be issued to them all. I assume they are all putting up the security deposit in equal amounts,
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