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It seems that the building that I live in and rent an apt. has a new owner using a new management company. They have requested that all the tenants fill out a W-9 form in order to open and maintain a security account for their security deposits. Since I have lived in this bldg. for over 10 years and never had to even furnish my social security number to the prior owner/management company, I wanted to know if this is a normal practice and if it is a legal requirement for me to comply with this.
Only in NYC would a LL have the balls to ask for something like this and know that there will be some suckers that will allow them to get away with it.
In answer to your question OP, no, I have never heard of this, but I'm not surprised it's happening in Manhattan.
Be prepared to give up your email and facebook passwords as well.
Only in NYC would a LL have the balls to ask for something like this and know that there will be some suckers that will allow them to get away with it.
In answer to your question OP, no, I have never heard of this, but I'm not surprised it's happening in Manhattan.
Be prepared to give up your email and facebook passwords as well.
They have asked for my email address on the tenant contact information sheet as well as for employer information (which one can't give if one is either self-employed or in-between jobs) and emergency contact information (again something that was never required before).
Only in NYC would a LL have the balls to ask for something like this and know that there will be some suckers that will allow them to get away with it.
In answer to your question OP, no, I have never heard of this, but I'm not surprised it's happening in Manhattan.
Be prepared to give up your email and facebook passwords as well.
So it is legal or not? BTW, the management company is in Manhattan but my apt. bldg. is in Queens.
They have asked for my email address on the tenant contact information sheet as well as for employer information (which one can't give if one is either self-employed or in-between jobs) and emergency contact information (again something that was never required before).
All this as well as them asking for your social security number under the guise of providing a W9 is simply information they are gathering in the event they have to sue you later on down the road for non-payment or damage after you move. At least that what it seems like to me.
You don't have to provide a W-9 (and you may not be able to depending on your tax status). However, if you don't provide a W-9 the management company will instruct the bank holding the security deposit to withhold interest on the security deposit at the maximum rate for non-residents.
You don't have to provide a W-9 (and you may not be able to depending on your tax status). However, if you don't provide a W-9 the management company will instruct the bank holding the security deposit to withhold interest on the security deposit at the maximum rate for non-residents.
Since the interest has been so low in the past few years that there wasn't any interest check at all it doesn't seem to matter what rate they use!
Since the interest has been so low in the past few years that there wasn't any interest check at all it doesn't seem to matter what rate they use!
A lot of landlord don't bother because interest rates are usually very low on these accounts and the amounts on deposit are small. However, for the larger companies the amounts withheld can be significant and given that they have to divide up and report the interest yearly they do go through all the red tape. I suspect most private landlords just put it into one of their own accounts, which is technically illegal but I suspect most renters don't bother to check.
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