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Real Estate
Reply to "Security deposit - should I be worried?"
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[quote=Anonymous][quote=Anonymous]I thought the landlord was supposed to put the deposit in an interest bearing account and give the tenant the security deposit + interest earned at the end of the tenancy. If there is damage, the landlord gives the tenant the security deposit + interest - cost of repairs and in itemized receipt. FWIW, the interest that's accumulated on the ($500) security deposit my tenants pay has always been pretty small. I think for the last tenant (who stayed 2-3 years) it was around $5.[/quote] the rules vary by state. In some states you may owe interest by law even if you earned none in reality. In some states you may owe whatever interest you earned in reality. In some states you owe no interest (at least in the current interest rate environment).[/quote]
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