Unique Security Deposit Situation
Started by jaydub
over 9 years ago
Posts: 0
Member since: Jul 2016
Discussion about
I'm a landlord in North NJ renting out to a tenant. She was moving out and put down a security deposit for her new home in NYC. A couple of weeks passed without incident. One day my tenant informs me that through no fault of her own, the lease for her new place fell through and that they need 30 days to return her security deposit. This affects her ability to pay me the rent since she's going to have to stay in the place I'm renting her. Can they do that, legally keep her security for 30 days when it fell through because of them? Is that standard practice and is there a way for me or her to get it back sooner? Thanks so much in advance!
Legally, probably not, but by the time she threatens to sue to get the deposit back the 30 days will be up.
I sure hope it isn't being held at a certain big-name brokerage that just went under.
pier45, which brokerage was that?
LLs are legally obligated to put security deposits in separate, interest-bearing accounts so the money should not be tied up in a brokerage.
Regarding this: http://therealdeal.com/2016/06/28/facing-eviction-from-last-office-bellmarc-issues-ious-in-lieu-of-commission/