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If a landlord in New Jersey fails to advise the tenant of the location of their security deposit, with 30 days, what legal rights does the tenant have against the landlord especially if the landlord uses the money for his own personal use without permission from the tenant...
A landlord is not required to "advise the tenant of the location of" his or her security deposit.
The only time you should worry or seek remedy is if the landlord does not return your security deposit in a timely manner, or reduces it for things that you believe he should not.
Sorry, Rick, but in NJ a landlord must notify the tenant within 30 days of the name and address of the bank where the security has been deposited, along with the rate of interest.Quote:
Originally Posted by RickJ
"A person who receives a security deposit may not combine security deposit money with his or her own funds. Within 30 days of receipt of the security deposit and at the time of each annual interest payment the landlord must notify the tenant in writing of the name and address of the banking institution or investment company at which the money is deposited, the amount of the deposit, type of account and current rate of interest for the account. In addition the landlord must notify the tenant within 30 days of transferring security deposit money to a new landlord or moving the security deposit to another account or bank. If a tenant does not receive proper notices or is not paid interest as required, the tenant may use the security deposit for payment of rent by giving the landlord written notice that the security money plus interest at the rate of 7% per year be applied to rent payments or payments due or to become due from the tenant. However if the tenant does not receive the annual notice at the time of the annual interest payment or is not paid the annual interest, as required, the tenant must give the landlord written notice and allow the landlord 30 days to comply with the annual interest payment and notice requirements before he can use his security deposit toward his rent.(24) If the tenant’s security deposit gets applied to his rent, the landlord may not make further demand for an additional security deposit."
This info was taken from the NJ Truth in Renting handbook published by the NJ Dept. of Community Affairs. A landlord in NJ is required by law to provide it to each new tenant. You can read it at http://www.nj.gov/dca/codes/lt/pdf/t_i_r.pdf.
RickJ agrees: I just lost all respect that I may have had for the State of NJ.
You had respect for NJ? :D
Seriously, not all states require this of landlords. But many do. Some that do require it only of landlords with a specific number of units exempting the guy renting out the second apt or renting a house he can't sell.
The thing is, I don't think this is a draconian requirement. Its simple to do and shouldn't cost the landlord very much. And it helps the teanat know he will get his security back when he moves.
Watch it!:)Quote:
Originally Posted by ScottGem
It's not too horrible. My clients used to have the rental agent fill in the bank info on the receipt for the security deposit and had the tenant sign a copy to acknowledge they received it.Quote:
Seriously, not all states require this of landlords. But many do. Some that do require it only of landlords with a specific number of units exempting the guy renting out the second apt or renting a house he can't sell.
The thing is, I don't think this is a draconian requirement. Its simple to do and shouldn't cost the landlord very much. And it helps the teanat know he will get his security back when he moves.
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