Is a rental deposit required to go into an escrow account in Indiana. Do periodic interest payments have to be paid to the tenant.

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Is a rental deposit required to go into an escrow account in Indiana. Do periodic interest payments have to be paid to the tenant.

My tenants have been in my residential property for five years.

Asked on February 27, 2018 under Real Estate Law, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

THe security deposit, even though in the possessions of the landlord, is the property of the tenant unless the tenant breaches the lease agreement and then the landlord can reimburse funds therefrom.  As far as I can see the state does not require that you keep same in an interest bearing account.  It does require return within 45 days of tenant's vacating property.  Also if you want to move don't forget to give them 30 days notice in writing. Check your county rules as well. Good luck.


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