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Posted by Ken on October 23, 2000 at 00:52:53:

In Reply to: security deposits posted by Joan Jubett on October 22, 2000 at 20:12:36:

As the owner of your apartment owns fewer than six units, she is under no obligation to put this money an escrow account nor to give you interest each year. The same rules about return of the deposit do apply. You and her are, of course, free to come to your own agreement about how and where your deposit will be kept, so if the issue is important to you, bring it up with her before you sign a lease.

: I have a question about a security deposit I will be depositing soon - I will be moving in to a co-op in Queens soon, as a renter in a co-op under a landlord who owns the studio. It is the only apartment in the co-op she owns. SO my question is, is she obligated under law to put my security deposit into an interest bearing account, or what????

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: As the owner of your apartment owns fewer than six units, she is under no obligation to put this money an escrow account nor to give you interest each year.  The same rules about return of the deposit do apply.   You and her are, of course, free to come to your own agreement about how and where your deposit will be kept, so if the issue is important to you, bring it up with her before you sign a lease.

: : I have a question about a security deposit I will be depositing soon - I will be moving in to a co-op in Queens soon, as a renter in a co-op under a landlord who owns the studio. It is the only apartment in the co-op she owns. SO my question is, is she obligated under law to put my security deposit into an interest bearing account, or what????


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