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Updated almost 7 years ago on . Most recent reply
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Chicago Security Deposits - Who's Exempt From Paying Interest?
I'm giving back a security deposit for a 1-year lease that just ended (Have since switched to fees). It's a unit in a triplex (not owner-occupied). Do I need to pay the 0.01% interest on this? I'm reading Domu and they say on page 6 of this that interest applies to owners of apartment buildings with 25+ units: https://www.domu.com/security-deposit-summary
But I see a ton of people talking about this issue who are renting smaller buildings on the forums.
I'm glad I switched to fees. This is way too much headache over 18 cents...
Thank you!
Most Popular Reply
@Art Maydan and if you are reading Domu PLEASE don't use a Domu lease. When I was a newbie many years ago I got laughed out of eviction court with my Domu lease. Judge had to call a 5 minute recess to settle himself down after all the laughing.
The CAR Chicago lease is here on BP in the file place.