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Does a landlord have to pay interest to a tenant on their…

Customer Question
does a landlord have to...
does a landlord have to pay interest to a tenant on their deposit and if so, what percent is the usual percent paid?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 4 minutes by:
3/6/2016
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 31,973
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Yes. If the building has six or more units the landlord must pay interest, if any, on your security deposit. The owner may keep one percent of the deposit amount each year as an administrative fee. If the building has fewer than six units and the owner deposits the security in a bank, the interest also belongs to the tenant, less one percent for administration.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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Customer reply replied 2 years ago
MUST A LANDLORD HAVE A GRACE PERIOD OR CAN IT BE INDIVIDUALLY HANDLED IN OTHER WAYS. ps YOU WENT SO FAST THAT I NEVER GOT THE ANSWER TO MY ORIGINAL QUESTION ABOUT INTEREST ON DEPOSIT.-- PLEASE GIVE ME THE ANSWER OR I WILL CANCEL - CAN'T PAY FOR NOTHING...........
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

Not to worry. I am happy to answer all your questions. Can you please expand and clarify on the grace period? I am not sure I understand. Do you mean if the landlord did not do this and now the tenant wants their interest?

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Real Estate Lawyer: Joycelaw, Attorney replied 2 years ago
Joycelaw
Joycelaw, Attorney
Category: Real Estate Law
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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

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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).

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