Legal Question in Real Estate Law in Illinois
Commercial Property - Unreturned Security Deposit
A Property Management Company has not returned my security deposit in the amount of $7019.61.
When my business was sold in 11/07, the lease was 'assigned' to the new owners. At the closing, the property mgt company told me that I would not receive my security deposit until Feb., 2008. My lease did not indicate that they could hold my security deposit and the reason they gave me for holding my security deposit was that it was their policy. A policy I asked to see in writing, but that policy was never produced.
As a result of my dissatisfaction, in Jan., '08 I submitted a complaint with the Better Business Bureau against the property mgt company re: my unreturned security deposit.
After submitting my complaint, the prop. mgt company told me that I would not receive my security deposit until Oct. '08. I was told that they changed the date because I had submitted a complaint to the BBB and that now, they were going to wait to find out if there were any tax increases for 2007. On July 7th, I contacted the Cook County Assessors Office to find out if there was a tax increase for the 2nd half of 2007, and was told there wasn't an increase.
What I should do to obtain my security deposit?
2 Answers from Attorneys
Re: Commercial Property - Unreturned Security Deposit
A Security Deposit is returnable at the option of the person who received it. You'd have to read the terms of the lease to see what the conditions are.
Retaliation is bad. Did they tell you in writing or verbally?
About the only way to legally enforce anything is in court. You can't get a court order without a court. A judge will not do anything until both sides are heard.
Re: Commercial Property - Unreturned Security Deposit
You really need to hire an attorney to look at your lease and tell you what your options are. I agree with Mr. Palmer (again) that your only option may be to take them to court.
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