Commercial and residential landlords experience stress when tenants do not pay rent. The best way for any landlord to protect their interests is through a well-written lease agreement from the beginning of the landlord-tenant relationship. Our attorneys can assist landlords in preparing a commercial lease specific to the needs of a particular transaction or a reusable lease for their residential properties.
Real estate law in many states, including Missouri, favors written agreements and does not recognize long-term verbal agreements. For a lease to hold up for more than a one-month term, a written lease agreement is necessary.
Landlords also must be firm and consistent when a tenant makes a late payment. One way to do this is to have a lawyer knowledgeable in lease agreements and who practices as a real estate attorney prepare a good default notice. The landlord can use the notice each time a tenant defaults on the rent. Then, when a default is not quickly remedied, a landlord can move quickly to eviction proceedings in court.
Can a Landlord Keep a Security Deposit?
Missouri law states that the landlord may not demand or receive a security deposit in excess of two months’ rent for residential real estate. So, if the landlord collects a security deposit along with the first and last month’s rent, the security deposit should not exceed one month’s rent because collecting the last month’s rent in advance is considered part of the security deposit.
The law regarding two months’ rent does not include a pet deposit. But the lease must say what the additional deposit is used for.
What Does Missouri Law Say About a Deposit After a Residential Lease Agreement Is Over?
Within 30 days after the termination of a residential lease, the landlord must send written notice of the time and date of an inspection of the property. The landlord must then inspect the property and provide the findings of such inspection in writing to the tenant in person or by mail to the last known address of the tenant. The move-in inspection report is compared to the one completed upon moving out. This is why it is vitally important to have the initial inspection of the property before each tenant moves in.
During the 30-day period after the termination of the lease, the landlord then must either return the security deposit or furnish the tenant with an itemized list of damages to which the security deposit will be applied. If only a portion of the security deposit is being withheld, the itemized list of damages must be supplied to the tenant in addition to the remaining balance of the deposit prior to the end of the 30-day period.
What About Damages Beyond What the Security Deposit Covers?
If the damages to the residential property exceed the security deposit, Missouri law allows the landlord to file a suit against the tenant for any deficiency. Having a lease agreement attorney with experience in real estate law represents one way to have everything in order and accurate before the tenant moves in.
Section 535.300 of the Revised Statutes of the State of Missouri provides more information.
Contact Our Experienced Real Estate Attorneys for Legal Advice on Lease Agreements
Landlords should work with an attorney to get the documents set up in advance and create a system to streamline the process. It will help your business lose less time and money on non-paying tenants for your property.
Contact us or call (417) 887-4170 to schedule a consultation. We would be honored to assist you.
If you have questions about these services or would like to schedule a consultation with our attorneys, please give us a call today. We would be honored to assist you.