Closing Date Prorations Calculator Guide for New York

How the limitation period applies

The controlling primary authority for New York security deposit limits and real estate closing cost prorations - NY Real Prop Law § 7-103 and NY Gen Oblig Law § 7-108 is NY Real Prop Law § 7-103.

NY Real Prop Law § 7-103. No security deposit on a residential dwelling unit shall be in an amount greater than an amount equivalent to one month's rent for a tenancy of one year or less, or an amount equivalent to two months' rent for a tenancy of more than one year... The landlord shall return the security deposit within 14 days of the termination of the tenancy.

Related statutes

NY Gen Oblig Law § 7-108 — Security Deposits - Interest

A landlord of a building containing six or more units who receives a security deposit shall place the deposit in an interest-bearing account... The tenant shall be entitled to receive the interest on the security deposit annually, or may agree in writing to apply the interest toward rent.

Use the calculator

DocketMath's statute-of-limitations tool can model these timelines once you identify the controlling claim type and accrual date. Use the source panel for the verified primary-source citations.

Open the Statute of Limitations calculator

Sources

• NY Real Prop Law § 7-103 — Security Deposits
• NY Gen Oblig Law § 7-108 — Security Deposits - Interest

All sources are official primary law published by law.justia.com.