Historical Archives - Sidrane, Schwartz-Sidrane, Perinbasekar & Littman LLP

Four Tips to Avoid Penalties for ‘Commingling Residents’ Security Deposits

By Karen Schwartz Sidrane, Partner -- Published June 1, 2009

Historical Archives
Disclaimer: The laws in effect at the time these articles were written may have changed so our firm makes no representation of their accuracy today.

Owners must be careful about where they keep the money residents give them as security deposits. A security deposit is not in the same category as a rent check or other type of payment an owner may receive from a resident. Technically. the security deposit belongs to the resident. Although you hold it while the resident lives in your building, it is not your money unless and until the resident moves out leaving unpaid rent or damage to the apartment.

Properly Calculate Interest on Rent Overcharge Amount to Avoid Triple Damages

By Steven Sidrane, Partner -- Published June 1, 2004

Historical Archives
Disclaimer: The laws in effect at the time these articles were written may have changed so our firm makes no representation of their accuracy today.

You probably know that if you promptly refund an overcharge to a tenant who has filed a rent overcharge complaint against you, the Division of Housing and Community Renewal (DHCR) shouldn’t hit you with triple damages for the amount of the overcharge. But to avoid that penalty, your refund must also include interest (currently set at 9 percent per year) on the overcharge amount, warns Steven Sidrane, of counsel to the Hewlett, N.Y., law firm of Sidrane & Schwartz-Sidrane, LLP.