What is considered a reasonable time for a landlord to return a security deposit?
"New York law does not require a landlord to return a tenant's security deposit within a specifically prescribed time frame," said Jarred Kassenoff, a Manhattan real estate lawyer.
He says that unless the lease provides otherwise, once a tenant has vacated, a landlord has a "reasonable" period of time within which to return the security deposit -- along with any accrued interest and less any lawful deductions like unpaid rent or reimbursement for damage.
"While what constitutes a reasonable time will vary from case to case," Mr. Kassenoff said, "30 to 90 days is typically how long it takes for these kinds of refunds to be processed."
He added that when a landlord fails to act diligently or responsibly, a tenant can file a small-claims case against the owner in civil court, or file a complaint with the New York State attorney general's office, which has a special unit for this type of dispute.
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To view the original report, please use this link: Finding Security in the Times