Property Management
A NJ landlord who fails to return a security deposit within the statutory time period is liable to the tenant for:
AThe deposit amount only
BThe deposit amount plus double the wrongfully withheld amount as damages✓ Correct
CTriple damages plus attorney's fees
DNo penalty applies
Explanation
Under NJ's Security Deposit Law, a landlord who wrongfully fails to return a security deposit is liable to the tenant for the amount of the deposit plus double damages for the wrongfully withheld portion.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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