Property Management
In NJ, a landlord must return a security deposit within how many days after the tenant vacates?
A15 days
B30 days
C45 days✓ Correct
D60 days
Explanation
NJ requires landlords to return security deposits (or provide an itemized statement of deductions) within 30 days after the tenant vacates, or within 5 days in cases of fire, flood, or condemnation.
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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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