Legal Question in Real Estate Law in New York

Re: does security have to be returned w interest

Interest is payable only upon security

deposits for multiple dwellings. These

were defined as being greater than 6 family

units the last time I looked. Thus, the

vast majority of single family homes, and

two or three family residences do not have

such obligation. Apartment buildings already

know of the obligation , and uniformily

obtain your SS# to have the interest

earned reported directly to you for IRS

purposes. So I would bet there is no

obligation on the part of the landlord.

Further, do not lose sight of the overwhelming

fact that most tenants do not return the

premises in a condition satisfactory to the

landlord and rarely receive a full refund.