Legal Question in Landlord & Tenant Law in New Jersey
Landlord-Tenant Rights and Law
I am a New Jersey resident and have been a tenant for 18 years and out of my lease for 17 years. My question is that the house has been recently sold and my landlord said that my deposit collected an interest of $700 through all these years. And that with two months I owe him I still owe him money although he kept my deposit and interest. I have read different sites and I think he owes me and that my interest should be more. How can i know what am i entitle to and what are my rights?
1 Answer from Attorneys
Re: Landlord-Tenant Rights and Law
I�m not sure what you mean by �out of your lease for 17 years�. Do you mean that the original lease was never renewed in writing, but that you remained a tenant all this time?
As far as the interest on your security deposit. You are to receive this in cash at the end of very year, or that amount is to be deducted from he next term�s rent. It doesn�t sound like this was ever done. The number of apartments in your building dictates what the interest rate would be on your deposit, but the min. is probably the regular rate of interest that a the bank is paying. You can find out hat the interest rates were by contacting the bank where your deposit was being held.
How long ago did you leave the apartment? That could have an impact on your rights as well, but an attorney would certainly need more information.
Keep in mind that this advice is given based on the small amount bit of information that you have provided in your question. My advice may change based on other information. Further, you should not rely on advice from an attorney who has not been formally retained.
If you would like to consult with me in more detail on this matter, please send an email to my office to arrange for further discussion. Include a note in your email that mentions Law Guru, and there will be no charge for the initial consultation (whether by phone or email).
All the best,
Frank Bosley
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