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security deposit
by annie (ca)
on October 5, 2015 @18:24
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The current lease of my current tenants is coming to an end and I'm working on writing new terms and conditions. One of them is increasing the security deposit . Last year, when the tenants moved in, the security deposit was of one month rent. Now I want to increase it 100% - one more rent month , totaling to 2 months of rent. May there be any legal consequences from increasing the security deposit that much?
thank you
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Re: security deposit
by anon (CA)
on October 6, 2015 @14:33
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If you have a finite term lease and you are planning to offer the same tenant the opportunity to sign a new lease, you can increase your deposit. Make sure you give notice in writing that lease in ending 60 days in advance of what you want to do (if the tenant has been there over one year). Check your lease wording carefully.
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