Legal Question in Real Estate Law in New York
Acrual of Interest of Security Deposit- Apt. Rental
I live in Westchester County- New York State. I gave my landlord an $850 deposit almost 10 years ago. I've asked her how much interest has accummulated on the amount, but she won't tell me. I don't think she ever deposited it in any bank acct.
What are my rights & how would one calculate the interest, since the rates change all the time. Also, what time frame does she need to return it to me if I move out?
HELP!
1 Answer from Attorneys
Re: Acrual of Interest of Security Deposit- Apt. Rental
Interest only has to be paid if it is a
multiple dwelling containing more than
six units. Otherwise, there is no
obligation to pay interest.
If there is an obligation, it is simple
day to day interest paid by a bank, which
over the period in question has averaged
a very low amount. If interest is to be
paid, it is also normal for the landlord
to use your social security number for
reporting purposes as this income must be
reported annually on the 1040 income tax returne
Therefore I again suspect that there probably
never was a deposit to your name, nor an
obligation to pay.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
