Thousands of tech forward landlords hold Security Deposits in a free Baselane Banking Account.
Open a security deposit bank
account for free
Create a Virtual account
(aka - rental escrow account)
Collect escrow security deposits
into a virtual account
Tenants can cause a lot of damage to your rental property, so you should aim to collect the largest security deposit the market will bear. One month’s rent is typical in most parts of the country, but you may be able to demand more if your rental property is in a particularly hot market.
Your state may set a cap on how much you can collect. Many states, including New York, Massachusetts, and Ohio, set the maximum security deposit you can collect at one month’s rent. Others, including California, Pennsylvania, and Maryland, limit security deposits to 2 months’ rent. There’s no limit on security deposits for rentals in Indiana and Florida.
The Baselane banking account should be opened by the landlord, and the security deposit is held in a Baselane banking account, which is provided by Blue Ridge Bank, N.A.; Member FDIC to offer deposit accounts.
When a tenant moves out, landlords are required to return any unused portion of their security deposit. The timeline for this varies by state, but most require landlords to provide an itemized list of deductions within a certain timeframe. Landlords should conduct a final inspection of the unit and estimate the cost of repairs or cleaning, which can be deducted from the deposit. If there is money left, it can be returned to the tenant via check or bank transfer, or it can be applied towards the last month’s rent if agreed upon in the lease.
Yes, you can use the Baselane service for multiple properties or leases.
Baselane.com protects personal information and funds by using encryption, multi-factor authentication, and other security measures to safeguard data. Additionally, Baselane partners with Blue Ridge Bank N.A., which is FDIC-insured, to ensure that funds in the deposit accounts are protected up to the maximum amount allowed by law.
It depends on your local city and state laws. Learn more here.
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