If a landlord buys a unit, who is responsible for the tenants deposit?
Full Question:
If a landlord buys a unit, who is responsible for the tenants deposit? Is it the current landlord or the previos landlord. and what if the current says he did not receive the deposit?
03/29/2007 |
Category: Landlord Tenant |
State: Missouri |
#2304
Answer:
The answer depends upon the terms of the sales contract, and the circumstances regarding the deposit. Generally, if the property is sold or transferred, the new landlord is responsible for obtaining the deposit (and any accrued interest) from previous owner and opening a separate account for the deposit. Please see:
http://www.uslegalforms.com/legaldefinitions/s/security-deposit.php