# I Confess
I was a Landlord for several buildings and units, both residential as well as commercial. I say that as many people have automatic dislike and dis-trust for landlords. Even though I liquidated all properties, even my own home (temporary), I wanted to share a Lease Secret.
_**I am referring to my states laws in this writing, however this is also law in many US states. You should do your due diligence as it gives you leverage as well as protection.**_
# First the rules
_**A lease is a legally binding document, that gives either party injured, restitutions in from a court of law.**_
Landlords must hold your security deposit or last months rent it an Escrow Account. Security Deposits must be returned upon satisfactory release of the premises. The last months rental must also be kept in an escrow account, bearing interest which must be kept until termination of the lease, bearing interest which must be paid annually to the tenant as in both cases it is not yet the Landlords money.
In addition to your normal lease provisions, it must be stated what monies (amounts and for what purpose Last month or security deposit or both) are to be held by the Landlord, clearly as well as the name of the bank and the account number.
# The Breech
As most landlords play with preprinted leases they find online, many are not in accordance with the states law they are using them in. The tenants many times never check state laws, even read or understand what they are signing, so it goes unnoticed.
_**Ignorance if a law does not exempt a person from it.**_
If you are leasing, either residential or for business, this loophole can legally allow you to get out of that lease at any time. You may escape, relocate or negotiate using this leverage... and more.
If you are a landlord, you better use this information to become informed and remedy the problem before your risk becomes your liability.
# The Remedy
Again I am speaking in terms of my states (and many others in like), of what courts can and will do to remedy the tenants claim. Triple damages, yes you heard that right, the court will award the tenant three times the amount incorrectly held. So say you put down a $2,000.00 last months rent or security deposit that is not held in accordance to the law. The incorrectly structured and managed lease could leave the landlord liability for $6,000.00 plus court and legal fees.
# The Advise
Due diligence in any contractual agreement is Vital. Knowing the laws and their requirements is Empowering. Ignorance is always a Danger. Always seek professional advise, but do your own due diligence... and as always prepare accordingly.
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</div> Good Health – Evan Pantazi
#Kyusho
Image Credits: rentseeker
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