Security Deposits and Last Month's Rent

The Landlord Tenant Act states that a landlord cannot collect more than 2 months rent for the 1st year of a lease and cannot retain more than 1 month in year 2 and beyond. A recent opinion by the Pennsylvania Superior Court ruled that a landlord violated the Landlord Tenant Act by requiring tenants to pay a security deposit equivalent to two months rent AND advance payment of the last month's rent.

In a recent PAR JustListed article, PAR Counsel Jim Goldsmith advises that landlords and managers should "(f)irst assess if you've collected excess amounts from current tenants. Consult with Counsel and consider reimbursing any excess security deposit to tenants with an explanation, preferably drafted by Counsel. Second, ensure that your business practices are compliant for future tenants."

PAR provides a summary of the limit on escrows and the interest on escrows.

There is Only Less Than Two Months Left to Take Classes Under the MCE Season Pass Program!

Have you put off signing up for the MCE Season Pass and benefitting from the extensive savings? Don't hesitate because the deadline to take classes for MCE Season Pass holders is March 31st, 2018.

Purchase the MCE Season Pass for only $125 and you'll save on the regular tuition price for classes. Pass holders can take unlimited standard continuing education at our main location in Malvern or offsite in Blue Bell, Glen Mills or Kennett Square (online classes not included). In addition to offsite courses, ARS will be offering evening and Saturday courses. Click here to access the remaining MCE Season Pass Calendar.

But remember, the Season Pass is only good through March 31st and classes are filling up quickly! Call 610-560-4900 to purchase the Pass today!

Association Office Closed on Monday, February 19th

The Suburban West REALTORS Association office will be closed on Monday, February 19th in observance of President's Day. The office will reopen on Tuesday, February 20th at 8:00am. Please take note of this closure as you consider any business you may have with the Association. And remember, that you can always visit the Association's virtual office at www.suburbanwestrealtors.com.

Starbucks Morning: Cyber Crime, Cyber Security and Real Estate

From identity theft to wire fraud, real estate transactions are increasingly the target of cyber criminals. The same technologies that have increased efficiency also leave REALTORS and their clients vulnerable to cyber attacks. Join SWRA on March 7th (10:00am-11:30am) for Starbucks Morning: Cyber Crime, Cyber Security and Real Estate to learn of recent concerns and discuss best practices to avoid becoming a victim. Click here to register (once logged in, click "events" and then "upcoming meetings").

NAR Urges House to Support the Mortgage Choice Act

On February 5th, the National Association of REALTORS sent a letter to the US House of Representatives urging support for H.R 1153, "The Mortgage Choice Act". H.R. 1153 is bipartisan legislation that would make adjustments to the Truth in Lending Act (TILA) definition of points and fees under the Ability to Repay/Qualified Mortgage (QM) rule. An identical bill passed the House with a greater than two-thirds vote in the last Congress. The Mortgage Choice Act will enhance competition in the mortgage and title insurance markets, and ensure that consumers will be able to choose the lenders and title providers best suited for their home-buying needs.

Don't forget to follow the Suburban REALTORS Alliance on Facebook for updates and news on industry and consumer advocacy.

Calendar of Events

February 17th; 9:00am-5:00pm - From Regulation to Practice: Get it in Writing
February 19th - Association Office Closed
February 20th; 9:00am-11:00am - Multiple Offers
February 21st; 9:00am-5:00pm - Successfully Engaging Today's Internet Consumers
February 22nd; 9:00am-12:30pm - Federal Tax Strategies for Commercial Real Estate
February 22nd; 6:00pm-9:30pm - Back to Basics: Advertising, Marketing and Promotion

Suburban West REALTORS Association
1 Country View Road, Suite 201, Malvern PA 19355
P: 610-560-4800 | F: 610-560-4801

Association of REALTORS School
1 Country View Road, Suite 101, Malvern PA 19355
P: 610-560-4900 | F: 610-560-4801

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1 Country View Road Suite 201
Malvern, PA | 19355 US

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