Property Management
In New Jersey, if a landlord fails to return a security deposit within 30 days after a tenancy ends, the tenant may be entitled to:
ANothing additional beyond the deposit
BThe return of the deposit plus double the wrongfully withheld amount as a penalty✓ Correct
COnly the interest earned on the deposit
DTriple damages and attorney fees in all cases
Explanation
Under NJ's Security Deposit Law, if a landlord wrongfully withholds a security deposit, the tenant can sue and recover the deposit plus double the amount wrongfully withheld as a penalty, along with court costs.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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