Rental Basics in 11412>Question Details

Nancy, Renter in 11427

I am renting an apt in a gated community in Queens. Does the landlord not have to put my security deposit in escrow? Don't I get interest at

Asked by Nancy, 11427 Wed Jan 12, 2011

year end?

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Landlords, regardless of the number of units in the building, must treat security deposits as trust funds belonging to their tenants and they may not co-mingle deposits with their own money. If the building has six or more units the landlord must put the money in an interest bearing account.

Even if your landlord has "spent" the deposit, he is still responsible for returning the money to you (less deductions for any damages or unpaid rent) at the end of your tenancy.

If your tenancy is ending, he should repay you. If you are remaining in the apartment, he has violated the law. You may want to consider withholding the last month’s rent until you get a full accounting for your deposit.
S if the apartment has six units or more he must pay interest.
0 votes Thank Flag Link Fri Jul 22, 2011
Yes. Security deposits are to be be deposited in an escrow account and upon termination of the lease must be returned to the tenant or reason given, wherein the lack thereof must be explain in the timeframe required by the laws of the state. Additionally, the monies will accrue interest which is calculated based on the interest rates from month to month. The terms for terminating your lease is already included in your lease. Please review for clarity if you are unsure about the terms for terminating the lease. Most leases will require the tenant to leave the apartment, "broom clean". I would suggest that before leaving the apartment you ask the landlord to do a final walk through to visually inspect the apartment. Also, its a good idea to have a witness there during the final walk through and take final photos of the apartment. If you have any further questions about this you can review the information by clicking the link if the landlord fails to return the deposit and interest, http://www.foreclosurecourt.org/request-for-security-deposit.html
0 votes Thank Flag Link Wed Jan 12, 2011
Yes, security deposit should be in escrow, however the interest is minimal at best, therefore don't expect a big check at hand--what does your lease agreement state, you may wish to review the document....for any legal concerns you may have, do consult with an attorney who specializes in real estate.
0 votes Thank Flag Link Wed Jan 12, 2011
It really depends on your local laws and if not your rental or lease agreement.
0 votes Thank Flag Link Wed Jan 12, 2011
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