Legal Question in Landlord & Tenant Law in Pennsylvania
Refund of Interest on Security Deposit
Through research of how a landlord is to refund the security deposit. I came across a real estate law that stated on the third year of a tenant's move in anniversary date, the landlord must begin refunding the interest on the security deposit that he/she is holding. Is this true? I called this to my landlord's attention and they agree. However I have been living in my condo for 15 years as of this year and my landlord bought my place from my previous landlord in 1997. I have several questions. 1. Even though the present landlord were not my landlord until 1997, and I and my previous landlord were unaware of this law, are the present landlord still responsible for going back to the begining to refund the interest since they are now the landlords? 2.Is there an aquisition law that you can site that would address this? 3. They must go back and find the prime interest rate in effect for each year right? 4. How is the interest computed? Daily, annually? etc.? 5. Because they continue to ignore my emails for 2 months to pay, can I request the 2% penalty fee? 6. Just in case I have to file a claim with the dj, can you sight any law cases I can use a precedence to support my claim?
1 Answer from Attorneys
Re: Refund of Interest on Security Deposit
My recommendation is that you retain legal counsel as soon as possible. Your attorney will contact the Landlord first to try to resolve this matter as quickly as possible, if this doesn't work you will need to file with your local District Justice.
As it relates to the law you can find this under the Landlord / Tenant Act of the Pennsylvania Code....a link is provided through my website.
Sincerely,
Marc V. Taiani, Esquire
AAAL - Allegheny Attorneys At Law
www.AlleghenyAttorneys.com
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.
