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Old 11-02-2011, 12:57 PM
 
12 posts, read 46,023 times
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Hello, posting for the first time.

If a landlord is required by law to put your security deposit in an interest bearing account and does not - and then at moveout tries to withold some of the $, can he do that?

thanks
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Old 11-02-2011, 01:15 PM
 
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What happens depends on what the state laws on this say. So, can you tell us what state you are in?
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Old 11-02-2011, 01:19 PM
 
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Sure thing. NJ
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Old 11-02-2011, 01:21 PM
 
Location: The Triad
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there should probably be a sub forum just for NJ SD issues or maybe a faq/stickie.
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Old 11-02-2011, 01:39 PM
 
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Arrgggg, New jersey Security Deposit...

First have you verified that you are actually covered by the law? NJ does have a lot of requirments but they don;t all apply to every landlord. Second, you may need to seek legal advice specific in NJ because I can;t make hide nor hair our of the law as it applies to once the tenancy is completed. Lots of options before your lease ends, but can't figure out what happends if you didn't make any demand about the security deposit while you were renting. It looks like you had to say something while renting and had options at that point, but now that its ended, can't say one way or other if you have any options.

Just curious, what are they witholding money for?
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Old 11-02-2011, 01:51 PM
 
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Oh, they haven't withheld anything... yet. But they harassed the upstairs neighbors when they moved out and tried to charge hundreds of dollars to patch up a few holes... so I'm just waiting for the shoe to drop on me. :-/
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Old 11-02-2011, 02:01 PM
 
Location: St Thomas, US Virgin Islands
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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.

Such an interest-bearing account amounts to mere pennies. Within 30 days of quit in most jurisdictions (google "NJ landlord tenant laws security deposit" to verify) a LL is required to return a tenant's security deposit less documented damages along with receipts. There are literally SCORES if not HUNDREDS of related posts on this forum and the search engine is a wondrous tool to utilize.
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Old 11-02-2011, 03:01 PM
 
12 posts, read 46,023 times
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Quote:
Originally Posted by STT Resident View Post
There are literally SCORES if not HUNDREDS of related posts on this forum and the search engine is a wondrous tool to utilize.
No need to be snippy. I used the search engine and didn't find the answer I was looking for.

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)?
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Old 11-02-2011, 03:20 PM
 
Location: St Thomas, US Virgin Islands
24,665 posts, read 69,500,314 times
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Quote:
Originally Posted by renter2011 View Post
No need to be snippy. I used the search engine and didn't find the answer I was looking for.

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)?
I responded with no snippy intent. Try re-reading my well-intentioned post, viz:

"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.

Such an interest-bearing account amounts to mere pennies. Within 30 days of quit in most jurisdictions (google "NJ landlord tenant laws security deposit" to verify) a LL is required to return a tenant's security deposit less documented damages along with receipts."


I'm sorry if that was too complicated to understand but I eliminated the last sentence which seemed to be the sticking point for you so hope that clarifies. Good luck and all the best.
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Old 11-02-2011, 03:24 PM
 
12 posts, read 46,023 times
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Yes, I understood what you wrote - and that it applies to a LL who follows the law and deposits the SD properly. It does not address what can/cannot be done if "required to be deposited into a separate interest-bearing account for the duration of the lease" was not followed.
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