Question by Rachel W: What’s the correct ruling regarding my security deposit? What about the interest clause? Chicago resident.?
About 2 weeks ago we moved out of our apartment we’ve been renting for 2 1/2 years. Our lease (which we basically wrote with some legal guidance) was only for that first year. Since we never officially renewed the lease, we spent the next year and 1/2 renting month to month basically. We gave our landlord 60 days of notice of our intent to vacate (via certified letter) and at the end of March we moved. We left the place in better condition than we received it, patched any holes left in the wall, cleaned, everything. Now, here’s my main question-according to our lease, our landlord has 10 business days to furnish a list of anything that she’s withholding our security deposit, if nothing is withheld, then she has 30 days to refund us our money. But that’s according to our lease. I think according to Illinois tenant law it’s 30 days for a list and 45 days to return the deposit. Which one is correct? Is the one in our lease correct or the one according to law? Does one override the other? This is the 11th business day and we haven’t been notified of anything being withheld, so we’re hoping it’s just returned in full.
The thing is, this lady is crazy. I fear she’ll try to screw us over, but if it’s already been 10 days, technically she can’t right? What do we do if she does? I’ve left 2 messages now w/ no response.
Also, what’s the deal with the interest clause? We live in a building with 3 units and the owner does not live in the building. I heard your deposit is supposed to be held in a separate interest-bearing account. Would this apply? We were never furnished proof of this, just receipts for our checks we gave her.
Help! Thanks in advance for any advice!
Best answer:
Answer by Trevor
As long as the lease doesn’t exceed the time allowed by law, your lease will supercede the law. The law gives the maximum amount of time allowed, if he specified less, then that is what he is responsible to follow.
Its pretty safe to assume there won’t anything taken out…in most cases there won’t be, that money is just there to protect landlords from people who destroy their property.
She doesn’t have to give you proof of that, just has to furnish your deposit back within the allowed time frame.
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Tags: What's, correct, ruling, clause, Interest, Chicago
Since you were month to month when you left you go by the state law, not an expired contract.
She is supposed to pay you the interest, minus any handling fees on your deposit.