Security Deposit after changing ownership : ezLandlordForms

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Security Deposit after changing ownership

Vivian L

started a topic almost 8 years ago

I am here in Georgia and my investor SOLD this property before tenants 2 months of lease expire. The new owner is requesting the security deposit but not willing to allow tenant to continue to occupy property after April 30,2017. Is the new owner untitled to the security deposit? Or should it go to tenant that has to move immediately?

4 Comments

Bea S

said almost 8 years ago

The security deposit would go back to the tenants if there are no damages. If there is normal wear and tear, it will go back to the tenants. If they have damaged the property, requiring it to be fixed the amount the damages cost to be fixed will be deducted from the security deposit.

Vivian L

said almost 8 years ago

Thank you!

John P

said almost 8 years ago

My understanding is that the SELLER had to give the BUYER the security deposit, and the BUYER has to honor the lease. He doesn't have to renew your lease, but then you are able to get your security deposit under the same terms as the lease you had.

Vivian L

said almost 8 years ago

Thank you so much for your time and information!