I am about to close on my first two family. I am trying to get all my documents in order. I have been warned to be careful regarding the security deposit. I know that it has to be in a separate bank account and I have gone to my local bank to ask about accounts. What else should I make sure to do?
@Sara Taslitt I have spoken with attorneys who recommend not accepting security deposits, because it's so easy to make a mistake with them. If you do make a mistake, the tenant can sue you under MGL Chapter 93A and win up to triple damages.
This link should help: