Landlord Question and Answer Forum
I just purchase a two family home in New Jersey two month ago, The tenant on the second has been there for 6 six month, she is asking me about her security deposit, she is asking me how much did her security deposit gain in interest. she would like to use her interest to pay off some of her back up rent. can the tenant do this, is this legal? The pior landlord never had the security deposit in a acrow account ?
Juan O, NY on Monday, August 3, 2009
RE: security deposit
from what i know (at least in NY ) the landlord has to put the money in an escrow acct only if the property is 6 fam + , but double check just in case , also with the interest rates being at less than 1% i dont thin that would amount to much $
Posted by
sandra P, FL
on
Monday, August 3, 2009
RE: security deposit
From what I have read, you are not required to provide the tenant with information as to whether the security deposit is in an interest bearing account or not. You are not required to return interest either. Someone please correct me if I'm wrong.
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