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I manage a single family home with a lease that allows for a single pet. Renters were charged a non-refundable deposit in accordance with practice in this area (MN) and the size of the single pet. Now I need to amend it, as the owner agreed to their request to add one more pet, conditional on paying an additional non-refundable deposit amount. I'm struggling a bit with the amendment wording.
My plan is to create the amendment page to be added to the end of the existing lease, and use wording from the original lease in the pet section, increase the number of pets it allows to 2 total, and show the additional non-refundable deposit amount, along with signatures by tenants and myself as property manager. However, I don't want any confusion about the non-refundable amounts.
Does anyone have thoughts on this amendment wording, issues with editing the original wording in the lease, or other suggestions for me?
Also, I am inclined to and have read that some charge a non-refundable deposit with each new lease that they sign - right now, annually. Do any experienced landlords have any input on this?
Hate to ask this, but have you run this by your lawyer? I thought that in Minnesota that once you used the word DEPOSIT, its automatically is refundable since its a "deposit". If you use the word FEE, its refundable or non refundable based on the wording of the agreement/lease but their courts ruled a deposit is always refundable (otherwise its not a deposit) unless a valid claim can be made against it.
Thanks, I'll try to check into that. I will try to have it reviewed by the lawyer, but was hoping to get this dealt with quickly. I suppose better to have it take a few days and be correct, than cause a problem due to haste.
In the meantime, do you have any links or references for this?
As suggested above, you would be very wise to start calling it a "non-refundable pet fee".
fyi...go to mrlandlord dot com. It has a forum (under "ask a question"/Q and A area). The forum in only for landlords and there are many new posts per day. They give great advice and have lease clause wording suggestions and all kinds of great info. Their stories alone are just fun reading.
There are many landlords on that site that have been doing it for years so their wisdom is good for newer landlords.
i dont understand why the pet deposit would be non-refundable if the pet does no damage - in addition to require something every year sounds that is also non-refundable sounds like scalping to me - do you sell professional sporting event tickets in your spare time -
i dont understand why the pet deposit would be non-refundable if the pet does no damage - in addition to require something every year sounds that is also non-refundable sounds like scalping to me - do you sell professional sporting event tickets in your spare time -
It's not required every year...it's a one time fee. It's standard these days.
Folks with pets have trouble finding rentals that take pets and now almost all rentals that take pets either charge a non refundable pet fee or $25-$50 extra rent per month for the pet.
Thanks, I'll try to check into that. I will try to have it reviewed by the lawyer, but was hoping to get this dealt with quickly. I suppose better to have it take a few days and be correct, than cause a problem due to haste.
In the meantime, do you have any links or references for this?
regards
Singularity
Our PMC has a internal website where we can view a mattriz of state regulations. Inder Mo for pet Deposits it indicates that the state has no set cap on the deposit a LL can charge for misc items such as pets. But there was a note that states that LL should identify pet desposits as "Fee" since fees can be refundable or non-refundable depending on how you say it. But for some resons" Deposits" are viewed under the general commerical contract laws as being a deposit againt damages/performance and if no damages/or is fullfilled, its refundable. It may have been some court cases that has prompted people to use the "FEE" versus "Deposit". But its your call. My suggestion is to do a quick check with the lawyer to see if it really is an issue or maybe just best practice to avoid a possible issue.
Sometimes PMC's will make suggestions based on the rumblings from lawsuits way before it actally erupts into a need to change.
It's not required every year...it's a one time fee. It's standard these days.
Folks with pets have trouble finding rentals that take pets and now almost all rentals that take pets either charge a non refundable pet fee or $25-$50 extra rent per month for the pet.
This is SO true and situation with me right now among other things. However from my experience while most rental and real estate agencies ask for a non-refundable deposit per pet AND a monthly pet fee, there are some that only ask for a one time deposit.
If the pet deposit is $500 or more I look elsewhere. If rental is asking for a reasonable deposit then will pay it to keep my pets.
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