Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

I have been renting 13 years in New Jersey the first-floor

of a two family-home--not owner...
I have been renting 13 years in New Jersey the first-floor of a two family-home--not owner occupied. I've asked year after year via phone and letter to my landlord for information regarding my security deposit--what banking institution is holding it, under what name is XXXXX XXXXX held, what interest has accumulated, has the interest rate changed from what was stated in the lease. My landlord's response is that it is not in my name and I don't need to worry about it. So, how is interest calculated for a security deposit over the years? Is it calculated on a monthly basis simple interest or a yearly basis? For example, my security deposit was (is) $2,175 and the interest rate in the signed rental contract was (is) 2.5%. Do I do this math wise: $2,175 x .025 = $54.37; then $2,175 + 54.37 = $2229.37; then $2,229.37 x .025= $55.73, etc. for every month in 13 years (156 months)? Or, do I just do this calculation for 13 years, no months. So after 13 years my landlord would owe me $823.26 in interest? Thank you. Ms. Allen
Show More
Show Less
Ask Your Own Legal Question
Answered in 2 minutes by:
7/4/2013
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16,742
Experience: Experienced Licensed Attorney
Verified
Hello. My name is XXXXX XXXXX I will be happy to answer your question.

I am sorry to hear about the unfortunate situation.

Do you have a valid written lease that is current?

Does the lease states that you would accumulate 2.5% annual interest?
Ask Your Own Legal Question
Customer reply replied 4 years ago

Yes, I have a valid lease. I just want to know how to calculate the interest correctly. A bank I check with said interest on a savings account, for example, is done monthly. Someone else told me to calculate the interest yearly.

Dear Allen,

Can you please tell me what exactly your written lease states regarding the interest on your security deposit?
Ask Your Own Legal Question
Customer reply replied 4 years ago


I understand why you are asking me the questions. I also understand that over 13 years from 2000 to 2013 interest rates have changed. According to NJ Security Deposit law, since my landlord has not provided me with my security deposit information over the years and therefore I could not give this to my tax accountant for declare the interest as income to pay my federal tax on it, I am entitled to sue my landlord for 7% over the 13 years. I can also use my security deposit toward paying my July rent because of his negligence in this area. I just need to know how to correctly calculate the interest for a 2.5 % interest rate and a 7% interest rate in case I need to take him to small claims court. Thank you.

Dear Allen,

Most residential leases would be calculated at a simple interest rate, which would mean the interest would accrue annually and then added to the total amount of the security deposit for the next year.

So, if the security deposit is a $2000 and the interest rate is 2.5%, than at the ent of 12 months the interest of $50 would accrue and be added to the total security deposit for the amount of $2050 and in the following year it is $2050 that would be subject to 2.5%, etc...

I wish you the best of luck!
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16,742
Experience: Experienced Licensed Attorney
Verified
Alex J. Esq. and 87 other Legal Specialists are ready to help you
Ask your own question now
Ask Alex J. Esq. Your Own Question
Alex J. Esq.
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16,742
16,742 Satisfied Customers
Experience: Experienced Licensed Attorney

Alex J. Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
Can i ask you a question about small claims court? Michigan
can i ask you a question about small claims court? … read more
LegalGems
LegalGems
Juris Doctorate
10,686 satisfied customers
I am a Colorado corp. and would like to use small claims
I am a Colorado corp. and would like to use small claims court to set aside a contrac, is this available … read more
Ely
Ely
Counselor at Law
Juris Doctor
24,353 satisfied customers
I filed a small claims against Verizon. Was awarded
I filed a small claims against Verizon. Was awarded $6500.00. However, Verizon filed a motion in district court (not small claims) for award to be vacated. Was granted.Even so, contact states both Ver… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,340 satisfied customers
My son is looking for a small claims attorney in the Omaha,
my son is looking for a small claims attorney in the Omaha, NE area. he had damage to his home, insurance paid to have it repaired but the roof continues to leak. he has made numerous attempts to cont… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
I'm a plaintiff needing to immediately in small claims court
I'm a plaintiff needing to immediately in small claims court file a Motion to Strike a Motion to Quash/Dismiss. I have two concurrent small claims cases in two cities. The defendant submitted a Motion… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
What happens in a small claims/eviction when a defendant is
what happens in a small claims/eviction when a defendant is not properly served the summons papers … read more
LegalGems
LegalGems
Juris Doctorate
10,686 satisfied customers
What is the highest limit in small claims court in nc.
what is the highest limit in small claims court in nc … read more
Lori
Lori
Juris Doctor
268 satisfied customers
Is there a time frame you can file for small claims in IA?
Is there a time frame you can file for small claims in IA? … read more
Ray
Ray
Lawyer
Doctoral Degree
30,843 satisfied customers
I am contemplating a small claims action and this is my
I am contemplating a small claims action and this is my first. My wife and I purchased two cell phones and related agreements from Victra/Verizon and promises were made; etc. Part of their process is … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
What is the maximum dollar limit for Colorado small claims.
What is the maximum dollar limit for Colorado small claims … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,340 satisfied customers
My small claims court date was postponed by the defendant
My small claims court date was postponed by the defendant from October 24 as he works in China. He set the date for January 4. I have business in Australia until Jan 6. Please list the following Janua… read more
socrateaser
socrateaser
1,031 satisfied customers
My small claims court date was postponed by the defendant
My small claims court date was postponed by the defendant from October 24 as he works in China. He set the date for January 4. I have business in Australia until Jan 6. Please list the following Janua… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,340 satisfied customers
Can a small claims suit be filed within California in the
Can a small claims suit be filed within California in the county where it was delivered vs. the county where the move originated? … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,127 satisfied customers
Is it difficult to contest a small claims decision when you
Is it difficult to contest a small claims decision when you feel the underlying decision was not fair … read more
Ely
Ely
Counselor at Law
Juris Doctor
24,353 satisfied customers
It's about my probability in winning a small claims case.
hi it's about my probability in winning a small claims case. could you help me with that … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,340 satisfied customers
If I lose in small claims court, will I be responsible for
If I lose in small claims court, will I be responsible for plaintiff's court fees? … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,307 satisfied customers
Small claims for business. California Orange County. No. Im
1. Is it defense if there is not a signed agreement in place… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,307 satisfied customers
I wanted to file in small claims court, but the contract
I wanted to file in small claims court, but the contract agreement I have is my corporation with an LLC. The template only gives me the option of filing against an individual or a corporation. Do you … read more
Dwayne B.
Dwayne B.
Juris Doctor
28,689 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x