Nassau County, N.Y. what is the law for interest due on deposit for month to month private upstairs of house rental? only 2 rentals in house, up/down

Asked by Goosegus, Nassau County, NY Wed Sep 22, 2010

upstairs tenant has been there over 20 years, never collected interest on deposit. Ready to move out, what is legally due to tenant? Tenant also has maintained property, fixed most needed repairs and never asked landlord to paint or anything. Now tenant is ready to move out after 22 years, how can he/she calculate interest due on initial deposit?

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John Ford, Agent, Massapequa, NY
Wed Sep 22, 2010
You really should consult an attorney, we as Licensed Real Estate agents cannot give advice about the law. With that in mind I will tell you as a Landlord myself It's my understanding that if the building has 4 or more units the security must be kept in an account with intrest. Less than 4 units the Landlord is not required to keep the security in a intrest account.
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Anna M Brocco, Agent, Williston Park, NY
Wed Sep 22, 2010
For any legal advice and or rights, etc., it's best to consult with an attorney who specializes in real estate--NY requires that security deposits be kept in a separate interest earning account--
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Joseph Brown, Agent, East Meadow, NY
Wed Sep 22, 2010
In New York State, security deposits must be kept in a seperate account in a New York bank earning interest at the prevailing rate. Laws are state specific, contact the State Department and legal counsel.

Joseph Brown
Century 21 American Homes
(516) 297-3146
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