Maryland Standard Residential Lease Agreement
The Maryland Standard Residential Lease Agreement is a property management contract used for recording all aspects of an agreement in which a rental unit is leased for one (1) year to a tenant, who, in exchange for the housing provided, pays rent in regular increments to the landlord. The agreement stipulates the tenant to take care of the property, pay for any predetermined utilities, and vacate the property upon the contract’s expiration.
Being a (financially) high-risk job, the potential for accepting a tenant that damages the property, disturbs other tenants, or refuses to pay rent is a real possibility. To help decrease the likelihood of accepting a bad tenant into a property, landlords and property managers should require all potential tenants to complete screening forms, namely a rental application.
Tenant Screening: Maryland Rental Application
Maximum Security Deposit (§ 8-203): Two (2) months’ rent. If a landlord charges more than the two (2) months’ allowed, the tenant(s) can be rewarded up to three (3) times the original excess amount charged, in addition to attorney’s fees.
Returning Security Deposits (§ 8-203(e)): Landlord’s have forty-five (45) days to return the security deposit (or the remainder thereof) to the tenant(s). In addition to the deposit, the landlord is required to return accrued interest at a rate of 1.5% or the treasury yield curve rate (whichever is greater).
Rent Increase Notice: None. LA law does not require landlords to provide tenants’ notice prior to raising the rent.