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Updated over 7 years ago on . Most recent reply

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414
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Art Maydan
  • Chicago, IL
94
Votes |
414
Posts

Chicago Security Deposits - Who's Exempt From Paying Interest?

Art Maydan
  • Chicago, IL
Posted

I'm giving back a security deposit for a 1-year lease that just ended (Have since switched to fees). It's a unit in a triplex (not owner-occupied). Do I need to pay the 0.01% interest on this? I'm reading Domu and they say on page 6 of this that interest applies to owners of apartment buildings with 25+ units: https://www.domu.com/security-deposit-summary

But I see a ton of people talking about this issue who are renting smaller buildings on the forums.

I'm glad I switched to fees. This is way too much headache over 18 cents...

Thank you!

Most Popular Reply

User Stats

352
Posts
281
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Ronan M.
  • Rental Property Investor
  • Chicago, IL
281
Votes |
352
Posts
Ronan M.
  • Rental Property Investor
  • Chicago, IL
Replied

@Art Maydan and if you are reading Domu PLEASE don't use a Domu lease. When I was a newbie many years ago I got laughed out of eviction court with my Domu lease.  Judge had to call a 5 minute recess to settle himself down after all the laughing. 

The CAR Chicago lease is here on BP in the file place. 

  • Ronan M.
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