No security deposits : ezLandlordForms

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Richard H

started a topic about 9 years ago

I bought a new building with tenants already in the building. Last owner did not have security deposits to give me, what do I do when they ask for it?

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Richard W

said about 9 years ago

In your purchase of the property, the Landlord/Owner should have transferred the security deposits. This should have been in your contract and they should have had that in an escrow or savings account depending on what that state requires. If you do not get this from the owner or know what the security was you will be taking a loss and MUST pay the tenant back their full security, provided there are no deductions that need to be made for repairs.

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Richard H

said about 9 years ago

The previous owner did not give us anything. Nothing in the contract regarding security deposits. I read that is the previous owners responsibility and that the tenants should contact them to see what happened. I will have to look into it for Rialto, Ca. Thank you for responding.