What is the law regarding the return of security deposits?

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What is the law regarding the return of security deposits?

I received permission to paint the walls in my apartment before I moved in, however, I did not get it in writing. Can my landlord keep my security because she wants the walls painted back to white? Also, my landlord never gave me notice of which bank my security was deposited into. Further, I anever received any interest earned for the 2 years I’ve been here. I already given my 30 day notice and my rent is paid. Is my landlord required to pay me 7% interest for the past 2 years? What I am entitled to legally?

Asked on May 7, 2012 under Real Estate Law, New Jersey

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

As to the interest issue on your security deposit, you need to carefully read the presumed written lease that you have to determine if you are entitled to interest on it or not. Potentially your municipality may have some statute requiring payment of interest on security deposits by the landlord which you will need to look into.

As to where the security deposit was banked, you need to ask your landlord where it was placed.

As to interest on your security deposit, custom and practice is that the tenant does not get such until the end of the lease.

Assuming the landlord approved the painting of the walls of the rental by you, he or she should not be able to claim the costs of repainting such from your security deposit. Your security deposit is typically not due to be paid you until 21 to 45 days of move out by you under your state's statutes on the subject.


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