 questionre fee bearing sd (by Vic [FL]) Feb 25, 2019 12:58 PM
 questionre fee bearing sd (by fred [CA]) Feb 25, 2019 1:05 PM
questionre fee bearing sd (by Frank [NJ]) Feb 25, 2019 1:40 PM
questionre fee bearing sd (by Oregon Woodsmoke [ID]) Feb 25, 2019 2:17 PM
questionre fee bearing sd (by Vee [OH]) Feb 25, 2019 6:37 PM
questionre fee bearing sd (by Shaun [FL]) Feb 26, 2019 5:49 AM
questionre fee bearing sd (by BRAD 20,000 [IN]) Feb 28, 2019 8:22 PM
questionre fee bearing sd (by Vic [FL]) Posted on: Feb 25, 2019 12:58 PM
Message:
State Specific Question About: FLORIDA (FL)
who determines when a tenantsecurity deposit goes into an interest bearing account..I rent out my condo on a year lease in Miami and I want to know if any small landlords (one unit) have to pay the interest on a sd when the tenant rejects the rent raise and moves out. --24.18.xx.xxx |
questionre fee bearing sd (by fred [CA]) Posted on: Feb 25, 2019 1:05 PM
Message:
I don't know in FL, but here you can "pay" interest on SD, and then charge the tenant a "Maintenance Fee" equal to the interest. --99.59.x.xxx |
questionre fee bearing sd (by Frank [NJ]) Posted on: Feb 25, 2019 1:40 PM
Message:
here in NJ I think we are supposed to remit the earned interest each year.
The interest is their money as it was earned on their deposit. At least that is how it was explained to me. --74.105.xxx.xxx |
questionre fee bearing sd (by Oregon Woodsmoke [ID]) Posted on: Feb 25, 2019 2:17 PM
Message:
I don't think very many states require deposits to be kept in savings account and interest paid. I don't think Florida requires it, but read your state landlord tenant laws to verify that.
My bank is paying 0.02% interest on savings. If you have to pay interest, it isn't going to be much. --98.146.xxx.xxx |
questionre fee bearing sd (by Vee [OH]) Posted on: Feb 25, 2019 6:37 PM
Message:
The interest may not be the reason, in many places the deposit should not be co-mingled with other funds, re-read your local and state tenant rules.
--76.188.xxx.x |
questionre fee bearing sd (by Shaun [FL]) Posted on: Feb 26, 2019 5:49 AM
Message:
Several ways to handle this. Law states 75% of earned interest on SD. Several ways it can be handled...
1. Put in an non-interest bearing account, escrow.
2. Put in your lease that you do not pay interest on SD, which is what my attorney told me to do, since the account only earns half of 1%.
Example of the math-- .005 x SD amount x 12months x .075. For argument's sake SD = $500.00 the amount would be $2.25, in my case.
Ways that one can deal with the $2.25,
-discount 13 month's rent payment by interest amount. Be sure to send a statement reflecting this as proof of payment.
-send a statement stating that the amount has been added to their security deposit. I have a family member that does it this way...benefits both parties b/c LL has more $ to offset damages and T has more to $ to subtract from the finial bill.
--205.223.xxx.xx |
questionre fee bearing sd (by BRAD 20,000 [IN]) Posted on: Feb 28, 2019 8:22 PM
Message:
Vic,
Your question is very state specific. Just look it up the law on the web - E Z P Z. FINDLAW.com
BRAD --73.102.xxx.xxx |
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