Does the new owner assume all the obligations of the building when he bought it such as my deposit?
Full Question:
Answer:
The security deposit may be transferred to the new owner, making the new owner responsible, or the prior owner may refund the security deposit to the tenant. However, the old owner may remain liable for a security deposit until the new owner gives the tenant a statement acknowledging receipt of the deposit. State laws vary, but typically if the seller fails to either refund the security deposit to the tenant or turn it over to the buyer, then both the new owner and the seller are responsible for the tenant's security deposit. The new owner, however, bears the ultimate responsibility to the tenant for the deposit, unless they can establish that they made a reasonable investigation and believed in good faith that the money was either transferred or returned before they purchased the property.
