Legal Question in Real Estate Law in New York
Security deposits in under 6 family houses
Is an apartment in a 5 family house subject to the security deposit laws (security to be held in an interest bearing account)? If so, can you detail the rules? Thank you.
Asked on 11/20/02, 10:41 pm
1 Answer from Attorneys
Lisa Breier Urban
Breier Deutschmeister Urban & Fromme
Re: Security deposits in under 6 family houses
Security deposits are governed under the general obligations law and are required to be in a separate interest bearing account unless the lease provides that the security is not interest bearing.
Answered on 11/21/02, 10:40 am
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