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What is the landlord required to do with the security deposit?

Under Georgia law, a landlord who owns morethan ten (10) rental units, including units

owned by their spouse and/or children, or who empoys a management agent is required to place

the security deposit in a bank escrow account, used only for security deposit funds. The landlord

must give the tenant written notice of the locaon where the security deposit is held but is not

required

to

disclose

the

account

number.

as substitute

for

having

an

escrow

account,

the

landlord may post a bond with the superior court cerk of the county in which the rental property

is located.

Is a landlord required to give the tenant the interest earned on the security deposit?

No. Georgia law does not require the landlord to place the security deposit in an interest-

bearing account nor does the law require that interest earned be paid to the tenant. However, the

tenant and landlord may agree that the landlord will provide interest earned on the security

deposit and, if agreed upon, this should be reflected in the lease.

What happens to the security deposit when the apartment complex changes owners?

The former owner, to whom the securideposit was paid, isresponsible for making

appropriate arrangements for the security deposit. The security deposit may be transferred to the

new owner, making the new owner responsible, othe former owner mayrefund the security

deposit

to

the

tenant.

If

the

former

owner

fails

take

either

of

these

actions,

the

tenant

can

bring

a

legal

action

against

the

former

owner

recover

the

security

deposit.

Before

bring

a

lawsuit, the tenant should write to t rmerfo owner and the rrent owner requesting

information on the security deposit.

36

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