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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!
Response by CCL3
over 9 years ago
Posts: 430
Member since: Jul 2014

Legally, probably not, but by the time she threatens to sue to get the deposit back the 30 days will be up.

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Response by pier45
over 9 years ago
Posts: 379
Member since: May 2009

I sure hope it isn't being held at a certain big-name brokerage that just went under.

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Response by CCL3
over 9 years ago
Posts: 430
Member since: Jul 2014

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.

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Response by pier45
over 9 years ago
Posts: 379
Member since: May 2009
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