All Forum Posts by: Eric S.

I am getting differing opinions from attorneys. Landlord is required by NJ state law to provide details of deposit 30 days after given AND if there are any account info changes over the time it is held. I do not see any mention in the law of the tenant needing to request the info "all those years ago" or in any timeframe. Landlord is given 30 days to "cure" upon request.

- Deposit was given in 2009.

- Jan 2010 landlord changes the bank account for deposit. Tenant never notified.

- NO notification of deposit details or account change given to tenant (for over 6 years) until requested.

- Tenant requests notification after moving out.

- Landlord does NOT comply within 30 days allotted by law.

Landlord has now held the deposit for over 75 days since move out. Presented check for 6 years interest 45+ days after request/move out.

In bold is a NJ statute regarding notification (or lack thereof) of security deposit information and the penalty assessed when landlord fails to notify and cure. Following that are my questions:

• If notification is not given or if the security is not deposited or invested in accordance with this law, the tenant has the right to require that the security deposit, plus 7 % per year be applied toward any rent due.
  • Notification of deposit information and an account change was never given during a 6 year tenancy. A request for the request for the required information - and the 30 days to cure - took place after tenant had already moved out of the rental home and satisfied all rental payments. Does this still entitle tenant to the 7% interest rate on deposit, for failure of the landlord to comply with notification? Or is that only applicable when applied to rent due?

Any information would be much appreciated.

I have added my name. Never was an issue for me, just wasn't asked for it when opening an account.

Thanks again for all the knowledge you have all provided me with. I consider it a big help.

Hey Jeff (and others) - according to BP there actually is NOT a policy regarding profile names being legal names.

From the FAQ:

• We understand that you might want to change your profile name to a more personal identity as time goes on, however you will need to contact our support team to make the changes on our end. Please feel free to reach out and let us know what you would like to change your name to, http://www.biggerpockets.com/contact.

Thanks for all the responses. The rental is a single-family home in NJ. There were a few holes in the wall from where they hung a flatscreen TV but I asked the tenant to spackle them - along with all other nail holes - and they did.

I guess it is safe to assume many of you are experienced landlords? based on what you are all saying painting, replacing 10 year old carpet and having a professional cleaner between tenants over 5-10 years should be something to chalk up as the costs of owning a rental property.

Is there a rule of thumb for % of annual rent taken in that I should expect to put back into my property/investment (replacements, repairs,etc.) over time?

I put in a new basement carpet a bit over 10 years ago. I have had a couple different tenants since, the last for 6 years. When they moved out the carpet was pretty shot...but it is 10 years old. The entire house (3br) needed to be painted. Last painting was also 10 years ago. I did not paint or have a cleaner before the last tenant moved in 6+ years ago. Can I withhold their deposit and charge them for a new carpet, full interior painting and professional cleaning? Or, are painting, carpet replacement and professional cleaning regular costs that I should absorb after 10 years?

Thanks for the input.