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Security Deposit Escrow - Landlord Forum thread 212972







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Security Deposit Escrow by Jeannie on November 30, 2010 @19:13

                              
When the tenants moved into my rental property in July, I did not place their Security Deposit in an escrow account (to be honest, I didn't know it was required by NH law...now I do!). He was only in for 5 months, so I don't have to pay interest (only if over 12 months and the owner has 6 or more rental units). If the tenant takes me to small claims court because he doesn't agree with the deductions on the Security Deposit, do you think the fact that I didn't put the SD in escrow will come back to bite me??? What is the penalty usually - a fine of some sort?

Thanks!
Jeannie

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Re: Security Deposit Escrow by Jake on November 30, 2010 @19:36 [ Reply ]
What kind of deductions are you taking?
Re: Security Deposit Escrow by Anonymous on November 30, 2010 @20:18 [ Reply ]
Here is a link to the relevant law. Did you send the tenant the statement of condition within 5 days?
http://www.gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-LV-540-A.htm

"(b) Any landlord who does not comply with RSA 540-A:6, IV or RSA 540-A:7 shall be liable to the tenant in damages in an amount equal to twice the sum of the amount of the security deposit plus any interest due under this subdivision, less any payments made and any charges owing for damages, unpaid rent, or share of real estate taxes as specified in RSA 540-A:7"

I'd say you have some problems. Up to you if you want to take your chances with your tenant being savy enough to know the law and bring an action against you.


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