Legal Question in Landlord & Tenant Law in New Jersey
security deposit and interest
If a landlord never put your security into a security deposit account, does he have the right to keep it for any reason? and does he still have to pay the interest that should be due on the account
Asked on 9/03/07, 8:16 am
1 Answer from Attorneys
Gary Moore
Gary Moore Attorney At Law
Re: security deposit and interest
If he fails to notify you of where your rent deposit has been deposited
you are entitled to use the deposit as a credit towards rent. He still owes you interest on the deposit but we are talking a tiny amount of interest because he is entiled to retain 1% of the interest earned.
If you leave the leased premises in a damaged condition beyond ordinary wear and tear the landlord can deduct the reasonable cost of making repairs.
Gary Moore
Answered on 9/03/07, 8:51 am
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