Legal Question in Landlord & Tenant Law in Georgia

Interest Bearing Security Deposit

I just noticed that in my residential lease agreement the Security Deposit section reads: ''The security deposit shall be held by landlord in an interest bearing account, as security for tenant's performance of this agreement.'' Does this means that due to this ''interest bearing account'' I should expect to receive interests over the 1250.00 security deposit I gave to my landlord when I signed the lease with him? (granted that no deductions will occur due to damages or repairs). If so, how much should I expect to receive as accrued interest (1250.00 for 3 years)? What will be the interest rate for this security deposit interest bearing account?

Also, this lease does not specifies how long the landlord has to returm the security deposit to me after the move out inspection. Can I ask for it sooner than 30 days, since it is not specified in the lease?

Thank you so much in advance for your time and help. God Bless you!


Asked on 4/02/06, 1:55 pm

1 Answer from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Interest Bearing Security Deposit

Unless the lease reads that you will receive the interest, no, you will not receive the interest.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 4/10/06, 5:20 pm


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