Property Management
In New York, a landlord must return a security deposit (or provide an itemized statement of deductions) within how many days after the tenant vacates?
A14 days✓ Correct
B30 days
C45 days
D60 days
Explanation
Under New York's Housing Stability and Tenant Protection Act of 2019, landlords must return a tenant's security deposit (or provide an itemized statement of deductions) within 14 days after the tenant vacates the unit.
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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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