Posted by Tim (snj) on April 29, 1999 at 13:34:26:
Tenants rent payments and security - Posted by Brian (New York)
Posted by Brian (New York) on April 29, 1999 at 11:26:23:
I was just wondering if anyone was familiar with any laws in new york, that state that a tenants security or last months rent payments must be held in an escrow account or a interest bearing account? and if so does the tenant receive the intrest accumulated over the time the money is in the account?
Thanks
Brian
New york
Re: Tenants rent payments and security - Posted by Judy
Posted by Judy on May 01, 1999 at 16:24:17:
Brian,
I am almost positive that you MUST place the money in an interest-bearing account and you MUST pay interest every year to the tenant (yes, I’ve received interest checks from my landlord). Best thing to do is check with an attorney.
Re: Tenants rent payments and security - Posted by Redline
Posted by Redline on April 29, 1999 at 13:19:08:
I believe that in NY/NJ monies must be deposited in an interest bearing account and the tenant must be made aware of where this account is held. At the end, the total amount (including any interest) is returned to the tenant upon vacating and leaving the premesis in acceptable condition.
RL
Re: Tenants rent payments and security - Posted by David
Posted by David on April 29, 1999 at 11:35:12:
I’m not sure if in New York you “have” to put it in an interest bearing account, but I do know that if you have it in an interesting bearing account, you have to give them the interest that it earned when you return the deposit.
Re: Tenants rent payments and security - Posted by Paul_NJ
Posted by Paul_NJ on April 29, 1999 at 14:24:39:
Thats correct but you can take 1% managing fee off interest earned. Check with your accountant.
Good Luck In Your Investing,
Paul