| |
You are here: Experts > Real Estate > Apartment Living/Rental > Real Estate Law (esp. Landlord-Tenant) > Security Deposit
Expert: Jonathan Dever, Esq - 9/2/2008
Question
QUESTION: I manage property for a landlord/investor. He purchased the property a year ago from a prior owner with an existing tenant who has lived in the unit for 3 years. The former owner transferred the security deposit only; however, he did not transfer the interest. The current tenant will move out at the end of September 2008. Providing the property is in good condition (normal wear and tear expected) the new owner plans to return the security deposit; however he only wants to pay the interest accumulated from the time he purchased the property one year ago and not the entire 3 years the tenant was under the lease. Is the new landlord obligated to pay 3 years worth of interest or just one year?
ANSWER: Does your state require you to pay interest?
---------- FOLLOW-UP ----------
QUESTION: Yes. Is the current owner responsible for paying the entire interest or just interest on the deposit from the time he purchased the property a year ago.
Answer
The prior landlord should have either credited you the security deposit plus interest on the HUD or paid it to you directly. As the new landlord, you are responsible now. If the prior landlord did not send you the interest, you will have to ask them for it.
Add to this Answer
Ask a Question
|
|
