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Our lease states The Security Deposit will increase by 2%

Customer Question
Our lease states The...

Our lease states The Security Deposit will increase by 2% per year.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No. I am simply asking if 2%nis a violation of any law

Lawyer's Assistant: Where is the property located?

My client states that all security deposits after September 30, 2004 must be at least 3%

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The property is in Gaithersburg, Maryland.

Submitted: 4 months ago.Category: Real Estate Law
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Answered in 11 hours by:
4/12/2018
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 22,841
Experience: B.A.; M.B.A.; J.D.
Verified

Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

Thank you for your patience.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

Your Question:

Our lease states The Security Deposit will increase by 2% per year.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No. I am simply asking if 2%nis a violation of any law

Response: Yes, it is. It is in violation of Maryland Landlord and Tenant Act, Security Deposit Provision; Maryland Real Property Code Title 8 Section 8-203 which requires maximum of two months' rent as the Security Deposit.

Best wishes,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

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Customer reply replied 4 months ago
I am not satisfied.
Your response does not address my question.
My question: interest rate.(is 2% illegal)
Your response: size of security deposit
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

I am sorry that you feel that way. I can only respond based on the Statutes. I will however opt out to give another Attorney the opportunity to further assist you.

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Customer reply replied 4 months ago
Thank you *****
Real Estate Lawyer: Barrister, Lawyer replied 4 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,116
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello, different expert here...

.

Are you still looking for help with your question?

.

If so, can you tell me how much the rent is and how much the current deposit is before any increase?

.

..

thanks

Barrister

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Customer reply replied 4 months ago
I am not satisfied. I had to wait a day for a response. By that time, I had found the answer to my question.
Customer reply replied 4 months ago
I have cancelled my membership.
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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