Legal Question in Real Estate Law in New Jersey

Rental Security

I have rented my present home for 7 yrs, in reading over my lease, i realized that the landlord did not put in the lease or send me any kind of notice as to where my security was deposited....bank name or address. All he did was put an account number in my lease, is that considered legal notification under NJ law? I'm under the impression, that the landlord had 30 days to send me a written receipt with the name and address of the bank, or i could request that security to be used for rent, is this so?

Thank You


Asked on 6/01/02, 9:51 am

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Rental Security

You should be advised of the bank name as well as the account number. Who has been paying the interest on the account. Have you been getting a 1099 form either from the bank or the landlord each year? Write the landlord for more specifics if you have not been receiving the tax-interest form.

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Answered on 6/03/02, 11:59 am
Ryan Dornish Ryan A. Dornish, Attorney At Law

Re: Rental Security

Please be advised that I have not been retained to represent you and I am basing this response on the limited amount of information supplied. However, the purpose of a security deposit is for the Landlord to have money if you breach the lease or cause damage to the property. It is not to be used as substitute rental payment for you. If you complete the terms of the lease and leave the property in good condition, the security deposit should be returned to you. The landlord should provide you with information as to which bank and how much interest is being made on the money held. Please do not hesitate to contact me at 908-537-7975 with any questions or concerns.

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Answered on 6/15/02, 9:51 am


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