Legal Question in Real Estate Law in New York

Acrual of Interest of Security Deposit- Apt. Rental
I live in Westchester County- New York State. I gave my landlord an $850 deposit almost 10 years ago. I've asked her how much interest has accummulated on the amount, but she won't tell me. I don't think she ever deposited it in any bank acct.

What are my rights & how would one calculate the interest, since the rates change all the time. Also, what time frame does she need to return it to me if I move out?

HELP!

Asked on 6/01/01, 12:55 pm

0 users found helpful

0 attorneys agreed

Re: Acrual of Interest of Security Deposit- Apt. Rental

Interest only has to be paid if it is a

multiple dwelling containing more than

six units. Otherwise, there is no

obligation to pay interest.

If there is an obligation, it is simple

day to day interest paid by a bank, which

over the period in question has averaged

a very low amount. If interest is to be

paid, it is also normal for the landlord

to use your social security number for

reporting purposes as this income must be

reported annually on the 1040 income tax returne

Therefore I again suspect that there probably

never was a deposit to your name, nor an

obligation to pay.

Answered on 6/27/01, 7:59 pm

Keywords

Match Any Match All

Country

State

Area of Law