Legal Question in Real Estate Law in New Jersey

Re: security deposit

It depends - it is impossible to give an accurate answer without more info.

For example what type of building do you own? i.e. two family, three family..

Is it owner occupied?

Generally if the building is a three family or more a landlord is supposed to comply with the security deposit act - generally Landlord deposits security in an interest earing account and informs the tenant where he deposited the security

If a landlord fails to do this a tenant can ask that it be put towards rent and no further deposit is required.

After a tenant leaves a landlord must return the security deposit with interest less any charges expended under the terms of the lease - any deductions must be itemized.

If this is not done a landlord could be liable for double the amount of the deposit and possibly attorey's fees.

Therefore your answer will also depend on when the tenant moved out.

If you need more information please contact my office.

David Heron