Legal Question in Real Estate Law in Massachusetts
MA tenant with poor credit history offering to pay 6 months advance which I would put in escrow account and take rent monthly. Law in MA says landlords can only get 1st last and security. If this is voluntary by tenant can I accept? Also indicating in lease terms this would be voluntary and held in escrow.
1 Answer from Attorneys
Technically no you cannot take control of the money. However, the Tenant can put the money in an account that you can access for his rent, You should take the security and last months rent into an escrow you hold and pay him the interest annually or when he leaves on that account. The Tenant can put money in an account and allow you to access it every month to pay his rent and give you access to that account. Or the Tenant can escrow the funds with a third party who agrees to pay his next 3 months rent or whatever the deal is.
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