Legal Question in Landlord & Tenant Law in Pennsylvania
Refund of security deposit
If as a landlord I write non-refundable on the receipt after accepting a security deposit do I have to refund the deposit as the end of a lease?
2 Answers from Attorneys
Re: Refund of security deposit
I agree with my colleague, if you are entering into the world of landlord / tenant relationships I would highly advise seeking out legal counsel...failure to do so will cause you severe problems down the road.
Sincerely,
Marc V. Taiani, Esquire
AAAL - Allegheny Attorneys At Law
Re: Refund of security deposit
A "security deposit" does not become something else by writing "nonrefundable" on a receipt. Security deposits are governed by the Landlord Tenant Act. They must be ESCROWED, and you must inform the Tenant the name of the financial institution in which they are escrowed after the 1st year, and disclose the interest rate which applies to the account. The security deposit must be returned w/in 30 days of termination, or you must indicate why the deposit, or a portion thereof, is not being returned (e.g., detailed list of damages and associated costs/loss), w/in 30 days of termination. If this is not done, the tenant may be able to sue for double the amount of the security deposit.
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