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  1. #1

    Question Interest on Security Deposits

    My question involves landlord-tenant law in the State of California. If there are any fees or damages to a unit upon moving, Can the fees or damages be deducted first from the interest accrued on the deposit and the difference from the deposit?
    Thanks

  2. #2
    Join Date
    Jan 2008
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    246

    Default Re: Interest on Security Deposits

    Unless you in a rent controlled area, the landlord is not required to pay interest.

  3. #3
    Join Date
    Mar 2013
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    18,029

    Default Re: Interest on Security Deposits

    Quote Quoting Abadsituation
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    My question involves landlord-tenant law in the State of California. If there are any fees or damages to a unit upon moving, Can the fees or damages be deducted first from the interest accrued on the deposit and the difference from the deposit?
    Thanks
    Simple arithmetic says it doesn't make any difference.

    Let's assume that interest did accrue.

    $1000 deposit + $50 interest = $1050.

    Damages $500.

    Apply the interest first, leaves damages of $450.

    Apply the $450 to the deposit, you get $550 back.

    Apply the $500 to the deposit, leaves $500.

    Add the $50 interest to the $500 and you get $550 back.

    So why do YOU think there is an advantage using one method or the other?

  4. #4
    Join Date
    Nov 2007
    Location
    Officially across the country from where I've been all my life
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    4,494

    Default Re: Interest on Security Deposits

    In this case, Llil is correct and you can't accurately answer the question until you answer whether or not you live in a rent controlled building. Not area, but the building because all buildings in CA, even in a rent controlled area are actually rent controlled....

    So where do you live and is your apartment rent controlled.

    Then answer the question as to why you think it's going to matter. The landlord isn't going to perform complex algebraic formulas to refund your deposit.

  5. #5

    Default Re: Interest on Security Deposits

    Quote Quoting lill
    View Post
    Unless you in a rent controlled area, the landlord is not required to pay interest.
    Thank you lill.

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