The security deposit is held in trust by the
landlord but the deposit actually belongs to the
tenant. New Jersey has laws with regard to security deposits,
Generally: (1) a landlord must provide the
tenant with certain information as to the New Jersey
financial institution where the deposit is located, the amount of the deposit,
rate of interest. The penalty for failure to comply
with the statute results in forfeiture of the
security deposit in favor of rent. (2) A tenant who
vacates the premises who is not returned his
security deposit may be entitled to twice the amount
of the deposit which is wrongfully withheld and may
also recover attorneys’ fees and costs
in having the deposit returned. The
landlord has a duty within 30 days of the tenant
vacating and providing the landlord with an address
to explain whether or not the security deposit will
be returned and, if not, why.
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