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robinann

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Posts: 1
Reply with quote  #1 

Is it legal in the state of NH to collect first, last and security.  I always thought it was, but last night I got some weirdo telling me it was against the law, and now the latest person who will be renting my apartment said collecting last month's is illegal.  Can someone get back to me asap with something I can print out and prove it!!!!!

OHlandlord

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Posts: 3,814
Reply with quote  #2 

OK the rule is a little complicated.  If it is a single family house and you own no other rentals, there are no regulations on security deposits.  The same is true is the unit is in an owner occupied building with 5 or fewer rental units, when any occupant is 60 years or more old, or when the tenant & LL share facilities.  Otherwise, the rule is one month's rent for the deposit.  When you collect the last month's rent in addition, some states consider this as an extra security deposit because you are holding this money for them until an unknown date.  The NH security deposit rules are under NH Revised Statute Ann. 540-A:5 to 540-A:8; and 540-B:10.  Please read through these thoroughly and see if any of the above exceptions apply to your rental and if I interpretted them correctly.

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