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im renting a room in single family home. there is only one rental. the owner/landlord lives in the house also. the landlord did not give me any written notice regarding my security deposit . there is no lease. im confused about the exception regarding any building that has no more than two units other than the owner-landlords unit. can i use my rent security deposit as rent money?
im renting a room in single family home. there is only one rental. the owner/landlord lives in the house also. the landlord did not give me any written notice regarding my security deposit . there is no lease. im confused about the exception regarding any building that has no more than two units other than the owner-landlords unit. can i use my rent security deposit as rent money?
I see nothing that gets any LL off the hook regarding letting you know about your security deposit being deposited in a savings account.
There is a section that LL's with less than 10 units don't have to put the money in an investment account. But, they still have to put it into a separate savings account, and notify you.
This is from page 2:
If the person receiving a security deposit fails to invest or deposit the security money in the
manner required under this section or to provide the notice or pay the interest to the tenant as
required under this subsection, the tenant may give written notice to that person that such
security money plus an amount representing interest at the rate of seven percent per annum be
applied on account of rent payment or payments due or to become due from the tenant, and
thereafter the tenant shall be without obligation to make any further security deposit and the
person receiving the money so deposited shall not be entitled to make further demand for a
security deposit.
It goes on to say that the rules are different regarding the annual notice required regarding the security deposit and interest, etc. In that case, you notify the LL you didn't get it, and he gets 30 days to provide it.
However, for the initial notice, it looks like he doesn't get the 30 days to comply, you just get to use it towards rent. Plus 7% interest.
Of course, since you're on a month-to-month agreement, he may just kick you out for doing this. Sure you think it's fair?
This is one law I disagree with. I think the LL should get 30 days to comply even on the first notice. So, I personally think it would be morally wrong to stick it to your landlord on this one, unless he's treated you really badly.
^^^ A couple of years ago I posted on this thread and excerpted NJ statutes from a NJ tenant handbook. It says, "The NJ Rent Security Deposit Act applies to all rental units, including tenant-occupied, single-family homes. The only exception is for rental units in owner-occupied buildings that have no more than two units other than the owner-landlord's unit."
^^^ A couple of years ago I posted on this thread and excerpted NJ statutes from a NJ tenant handbook. It says, "The NJ Rent Security Deposit Act applies to all rental units, including tenant-occupied, single-family homes. The only exception is for rental units in owner-occupied buildings that have no more than two units other than the owner-landlord's unit."
That's the case here.
I saw that, but it wasn't in the new NJ handbook. Can you provide a recent link that shows this is still the law?
There was no revision to that part of the NJ Rent Security Deposit Act.
Ah, thank you. OP, you have to give him 30 days to comply, since he lives in the building and there aren't more than 2 other units. So, the law is fair to the small landlord after all:
46A:13-2. Application of chapter
This chapter applies to all rental premises used for residential purposes except:
a. owner-occupied premises containing not more than three units in which the owner also
rents either one or two units for residential purposes, unless the tenant, at any time during the
tenancy, provides written notice to the landlord invoking this chapter and gives the landlord 30
days to comply.
I have rented my home in n.j. For 14 years. Landlord violated the rental security act by not placing my security in the bank. Landlord has a clause in lease that states no interest on security will be paid on months that the tennant is late with his or her rent. Is this legal,or can I charge the 7percent interest allowed by law because ll misappropriated my security deposit 14 years ago.
I have rented my home in n.j. For 14 years. Landlord violated the rental security act by not placing my security in the bank. Landlord has a clause in lease that states no interest on security will be paid on months that the tennant is late with his or her rent. Is this legal,or can I charge the 7percent interest allowed by law because ll misappropriated my security deposit 14 years ago.
Have you vacated the premises yet? Unless you have and your LL hasn't returned the security less any itemized deductions within the required 30 days, it's not clear what you're asking when you're talking about charging the LL a 7% interest rate for "misappropriation" of the security deposit. You should probably talk to a real estate attorney about this.
In some states, like NJ, it is required by statute that the security deposit be placed in an interest bearing account and the interest be paid to the tenant yearly. It cannot be used for last month's rent.
The landlord cannot make any assessments against the security deposit until tenant leaves and must itemize deductions.
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