Quote:
Originally Posted by drcoastline
One other thing. Check your state laws. In NJ where I live we must deposit a tenants security in an interest baring account for the tenant and send notice of the bank in which the deposit is held and statements to the tenant regularly. If we do not do that with in 14 days (time frame may be off) the tenant has the right to use the deposit as rent. What this means is you could legally stop paying rent until the security is used up.
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Not so in Washington State. The LL must notify where the deposit is, but that is all.
Any interest earned belongs to the landlord.