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Tenancy Agreement - Security Deposit

  1. #21

    Join Date
    Aug 2006
    Posts
    168

    For my property in Connecticut, USA, Landlords must return security deposits with interest or give tenants written notice of damages being claimed within thirty days of when tenants move. Interest rate for security deposits is set by the State. And the security deposit is supposed to be in an escrow account so guaranteed available for return even if the landlord declares bankruptcy.

    in HK, not so much.


  2. #22

    Join Date
    Feb 2015
    Location
    Hong-Kong
    Posts
    5,247
    Quote Originally Posted by spode
    And the security deposit is supposed to be in an escrow account so guaranteed available for return even if the landlord declares bankruptcy.
    I was going to ask, in the US, ok so the deposit is held in an escrow account. Is there also a regulatory body that can arbitrate disputes like what TB describes for the UK ? As in a body specifically setup to deal with just that, not the regular courts system.

  3. #23

    Join Date
    Jan 2018
    Posts
    1,083

    There is landlord-tenant court in most areas, separate from regular court- don't need a lawyer, fast resolution of issues. Have used it as a landlord (well, my property manager did it on my behalf) when rent was late...

    jrkob likes this.

  4. #24

    Join Date
    Feb 2015
    Location
    Hong-Kong
    Posts
    5,247

    For those here who can understand French, you want to watch this video. In Paris the housing crisis is so severe that female tenants no longer need to pay a rent. Instead, they need to provide sexual services. Apparently once a week seems to be the going rate ! If you can't one week, you need to make up the following week.

    https://youtu.be/-gBLzsiH0Oo?t=2762


  5. #25

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    5,502
    Quote Originally Posted by TheBrit
    I would never turn over the keys to landlord without getting my security deposit back at the same time (less any agreed damages). Been ripped off by shady HK landlords in the past and wouldn't let that happen again.
    Agree with TB

  6. #26

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    5,502
    Quote Originally Posted by jrkob
    I was going to ask, in the US, ok so the deposit is held in an escrow account. Is there also a regulatory body that can arbitrate disputes like what TB describes for the UK ? As in a body specifically setup to deal with just that, not the regular courts system.
    I don't believe people in the US follow the proper escrow rules.
    jrkob likes this.

  7. #27

    Join Date
    Jan 2018
    Posts
    1,083

    If you are an apartment complex or use a property manager, the escrow rules are followed. I escrow for both properties that I rent out. I also report my rental income so that also makes me likely in the minority of casual landlords...annoying because then I have to file non-resident state income tax in addition to federal...

    MandM! likes this.

  8. #28

    Join Date
    Oct 2010
    Posts
    17,957

    Some more tenant protection measures going live in NY.

    https://www.brickunderground.com/ren...-landlords-NYC

    Kowloon Goon likes this.

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