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If the LL breaks the law by NOT putting the SD into an interest bearing account, is he still able to deduct any $? I don't give a darn about the interest - I want to know what the implications of this law are on returning the SD. Or are any penalties for breaking the law separate from the concept of wear/tear despite the fact that the LL took a tenant's money and claimed it as his own (by not putting it into an acct in the tenant's name)?
Like I said, I don;t see anything that addresses what happens if the law wasn;t followed and you already terminated occupancy. While renting, you appear to have had options, but now that its over, not sure if they have anything you can use. One thing to know is that unless the law specifically states that they forfiet any claims to damages or moneyowed, even if they couldn;t use the security deposit and must retrun it, the LL may still have the right to sue you for any monies owed.
Being pragmatic... the point of the the law is to protect tenants from irresponsible landlords who couldn't come up with the SD money when the time came to pay it out and was written (I suspect) at a time when many were still operating on a "cash basis" with few records.
But absent a LL not being able to refund the money then...
(with or without any adjustments)....
at the pragmatic level there is no issue to be pursued.
But absent a LL not being able to refund the money then...
(with or without any adjustments)....
That is one of my fears - that he put it in his own account and is using it to pay for the massive renovation he's doing on another property (and all of his properties are for sale too...)
Again, it's not the interest that I care about
That is one of my fears - that he put it in his own account and is using it to pay for the massive renovation he's doing on another property (and all of his properties are for sale too...)
Again, it's not the interest that I care about
With all due respect, what he does with it (unless by state law he's required to keep it in a separate account) is not any business of the tenant and not his concern. If for any reason he doesn't return the security deposit as required by law then a tenant has ample recourse in the courts.
With all due respect, what he does with it (unless by state law he's required to keep it in a separate account)
With all due respect, let me respond with a quote from you
Quote:
Originally Posted by STT Resident
NJ state landlord tenant laws require that a LL who rents out more than two rental units in a building in which he the LL is NOT an owner-occupier, the security deposit is required to be deposited into a separate interest-bearing account for the duration of the lease.
I'll wait and see what happens... *fingers crossed*
How about *directly* asking the LL (in writing)?
What bank? what account number?
Be sure to ask him to reply in writing as well.
Before doing so you should ask yourself, do you really want to annoy the landlord over such a petty concern? Such that he may refuse to renew your lease when it expires?
It really is of no consequence to you what he does with his accounts as long as he is able to refund your security deposit when it is due. Even if he kept the deposites in an interest bearing account, he could still use that as collateral for a loan to pay for renovations, etc.
It really is of no consequence to you what he does with his accounts as long as he is able to refund your security deposit when it is due.
which is exactly what the posters concern was.
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