 security deposit (by keith [NJ]) Jun 2, 2014 3:14 AM
 security deposit (by Steve [MA]) Jun 2, 2014 3:56 AM
security deposit (by Wilma [PA]) Jun 3, 2014 9:24 AM
security deposit (by keith [NJ]) Posted on: Jun 2, 2014 3:14 AM
Message:
State Specific Question About: NEW JERSEY (NJ)
I didn't know to put the security deposit into a separate account. What do I do? I have the money just not in a separate account. The tenant is giving me problems and will be happy to make my life hell. --50.182.xxx.xx |
security deposit (by Steve [MA]) Posted on: Jun 2, 2014 3:56 AM
Message:
In MA if a LL doesn't comply 100% with our strict SD rules & regulations, it can get real expense for the LL. About the only way for a MA LL to avoid having to pay treble damages for improperly handling a SD is to either get super lucky & have a judge who doesn't understand LL / Tenant law or avoid the issue by refunding the SD before it becomes a court issue. For us something as simple as not having the correct address of the bank branch where the deposit is held can result in treble damages. In Ma the law says that a judge "shall" away treble damages.
If NJ SD law is anything like the MA ones, I suggest that you return the SD in full before the tenant realizes they have good legal standing to go after you.
I found this on this site's link to LL/Tenant laws;
When you file your Small Claims Court complaint, make sure you ask for double the amount of the deposit. (Note: Even if you forget to ask for double the amount of money when you fill out your complaint, the court still must give you double because the law requires it.) Cite: N.J.S.A. 46:8-21.1; Gibson v. 1013 North Broad Assoc., 172 N.J. Super. 191 (App. Div. 1980); Hale v. Farrakhan, 390 N.J. Super. 335 (App. Div. 2007). If some of the deposit was returned, be sure to ask for double the amount that you feel the landlord should not have deducted from your deposit. Cite: Cottle v. Butler, 257 N.J. Super. 401 (Law Div. 1992). If you go to Small Claims Court, also write on the complaint the words “together with interest and costs of the suit.” This means that you will get the interest and the money that it costs you to file the complaint ($20 plus mileage). The court should also award you reasonable attorney’s fees if you hired an attorney.
On this page there is a link at the top for LL/Tenant State Laws. You can use it to find out more about NJ's SD laws. --72.74.xxx.xx |
security deposit (by Wilma [PA]) Posted on: Jun 3, 2014 9:24 AM
Message:
Check the NJ LL/tenant laws. In PA, the money does not have to be in a separate, interest-bearing account until the tenant has been in the rental for 2 years. I usually put the money in on day 1, just to keep it separate. Use a local bank, and someone experienced with rental escrow accounts.
I last used Wells Fargo for the convenience of a tenant, and the poorly trained "banker" tried to put the tenant on as a co-owner, rather than me as owner and her as the named tenant (with no rights to access the account). The banker also gave the tenant a document to sign that had MY social security number on it (fortunately, the tenant did not notice). --71.175.xxx.xx |
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