Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The exemption does not mean that security deposit rules do not apply. It only means that OP's security deposit does not have to go into a separate bank account. If the landlord wants to, he can put all three (or one or two) deposits into the same account and keep track of them with bookkeeping instead of having a separate account number for each deposit.
Not something that would stop me from renting a place that I really liked.
Although some tenants do not want to live in an owner-occupied building because they don't want the landlord to know what they are getting up to. They intend to sneak in a pet or a felon boyfriend, or throw loud parties, or rent the place out on B&B and don't want the landlord to know about it.
I rented and just want to make sure that it was not an owner occupied unit. Can someone please explain what is an owner occupied property?
The place I rented was a separate row house ( duplex) and the landlord is living in a different address in a nearby township Which was mentioned in the lease agreement.
Thanks
Are they living at this other address or is that just the address they use to collect rent? They may live in the building but provide a separate address for the purposes of the lease.
The exemption does not mean that security deposit rules do not apply. It only means that OP's security deposit does not have to go into a separate bank account. If the landlord wants to, he can put all three (or one or two) deposits into the same account and keep track of them with bookkeeping instead of having a separate account number for each deposit.
Not something that would stop me from renting a place that I really liked.
Although some tenants do not want to live in an owner-occupied building because they don't want the landlord to know what they are getting up to. They intend to sneak in a pet or a felon boyfriend, or throw loud parties, or rent the place out on B&B and don't want the landlord to know about it.
The latter bit that you brought up was my thought, too. There's really no other reason for a tenant to be that concerned if the owner lives there, too, such as in a duplex.
It's a concern if the tenant likes to have loud late parties or have pets not allowed on a lease. I'm not saying that's the case here, but an example why a tenant wouldn't want an owner occupied place. Oops, someone already brought that up.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
