pennsylvania security deposit law concerning escrow funds: Pennsylvania Security Deposit Law concerning escrow funds
- 07/27/10 09:01 AM
I handle rental transactions as part of my practice and get asked a lot of Landlord/Tenant questions. A popular concern is on the handling of the tenant security deposit. I've paraphrased the two sections of the PA Security Deposit Law that address that issue: Section 250.511a. Escrow funds limited (a) No landlord may require a sum in excess of 2 months’ rent to be deposited in escrow during the first year of any lease. (b) During the second and subsequent years of the lease, the amount required to be deposited may not exceed one month’s rent. (c) During the third or … (2 comments)
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I handle rental transactions as part of my practice and get asked a lot of Landlord/Tenant questions. A popular concern is on the handling of the tenant security deposit. I've paraphrased the two sections of the PA Security Deposit Law that address that issue: Section 250.511a. Escrow funds limited (a) No landlord may require a sum in excess of 2 months’ rent to be deposited in escrow during the first year of any lease. (b) During the second and subsequent years of the lease, the amount required to be deposited may not exceed one month’s rent. (c) During the third or … (2 comments)
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