You gave your landlord a hefty security deposit with the expectation of honesty and fairness on their part. But even though you left your unit in good condition, your landlord won't give your money back. Security deposit law dictates that your landlord must return your deposit, with interest, if it hasn't been justly used. That's where Salierno Law, LLC comes in.
Clients in Jersey City, NJ turn to our law firm when they need to recover a security deposit. Your attorney will review your move-in statement, photo evidence and other relevant documents when building your case. Arrange for a consultation now to get started.
The New Jersey Security Deposit Act, N.J.S.A. 46:8-19 et seq., imposes certain requirements on landlords. The statute does not apply to seasonal tenancies, which are defined as tenancies for a term of 125 or fewer consecutive days and where the tenant has a permanent place of residence elsewhere, and owner-occupied 2- or 3-family properties, unless the tenant elects to be protected by the statute with 30 days’ written notice.
A landlord may not charge a security deposit of more than 1.5 month’s rent. The landlord must deposit the security money in an interest-bearing account in a state or federally chartered bank, savings bank, or savings and loan association in New Jersey insured by the federal government.
Within thirty days of receiving the security deposit from the tenant, transferring it from one account to another, selling property, L must notify T in writing of name and address of bank or financial institution, type of account, and interest rate. L must also notify T of same when paying the annual interest. L must pay annual interest in cash or credit it to the payment of rent. If L fails to notify, T may apply SD plus 7% interest as rent in writing to L.
New Jersey courts have recognized the applicability of the Consumer Fraud Act to landlord-tenant relationships. In the context of a landlord overcharging rent to a tenant-that is, where the landlord has charged, and the tenant has paid, rent in excess of the amount permitted by the local rent control or stabilization ordinance-the landlord could be liable for treble damages, which means three times the overcharge. Rent control is a local issue; there is no statewide rent control law. Each municipality has its own ordinance, and some do not have one at all.
Knowing security deposit law is crucial for any landlord in Jersey City, NJ. Violating the laws could cost you money and time spent in court. Here are some tips you should follow as a landlord: