should there be interest on a bond refund

[tegosands]

Hi there.
Hope someone may be able to give us some feedback.
Should we expect interest on a bond refund?
We paid 1 month bond money ($1600) back in 2000 on a commercial rental. Property got sold a few years back but the bond money did not get passed over to new owner.
We are now out of these premises and have tracked down where the bond is. The previous owner acknowledges she has it.
Would it be considered normal to have interest component on this amount?
It has not been in a trust account.

Cheers

PJ

 

[tegosands]

Hi,
For some reason the reply is not able to be read. I cannot click it on!
Can you please post reply again.

Thank you!

 

[Sunfish]

Is $10/m since you vacated really worth it? Tracking down the bond was clearly a pain and you should not have had to do it but why sweat the small stuff?

 

[Dazz]

Should we expect interest on a bond refund?

Only if it specifically says so in the Lease documentation.

Have you read it ?? If so, what does it say ??

 

[tegosands]

Hi Daz,

Good point. The bond was actually not recorded in our lease which we discovered just before finishing up.

Its was documented in all the paperwork from the real estate agent who handled the original rental of the property and the lease, and was clearly shown in the receipts but somehow was not documented on the lease papers. (Another lesson learnt!)

I guess we are lucky to be getting it back at all.

Regards

PJ

 

[tegosands]

Is $10/m since you vacated really worth it? Tracking down the bond was clearly a pain and you should not have had to do it but why sweat the small stuff?

We were wondering if the interest would have applied to the total time they have been holding the bond moneys... about 7 years. (Not just since we finished up) $10 per month or there abouts, over 84 months is a considerable sum!

Regards

PJ