What happens to my deposit when landlords change?

Question

i asked a question earlier about repairs to a rental but know now probably not expect anything because the landlord has the property up for sale.when my landlord changes will there be new lease or will my old lease be good for the new owner,and how should i approach the new owner about badly needed repairs, not caused by me. and what about the deposit i gave the old landlord ,shouldnt it be passed on to the new owner,if i decide to move i will want it back.

Answer 1

Assuming that this sale is being handled by a real estate brokerage, there should be language provided in the contract/offer to purchase covering transfer of all security deposits held and indicating that existing leases also transfer to the new owner(s).  Whenever I list a rental property with leases and deposits, I ask for the names of the tenants, and send them a form indicating that I have copies of the leases (I demand them), and also indicate the amount of security the current owner indicates that each has paid.  That way, I can check any offers to purchase which arrive and insure that the appropriate arrangements are handled for tenants and the new owner(s).

Answer 2

If the landlords foul up your security deposit they are liable for triple damages to you.  You win every time.  THe court case takes 2 minutes and cost you $35 to file; and you'll get that back.  The new landlord owes you the money. The new landlord has to honor your current lease. A smart "new" owner will sit down with you and negotiate.  Would you extend for 1 year today in return for a $150 decrease in your rent.  I'm a landlord.  I want to keep good tenants and i'll do whatever it takes.

Answer 3

When the new landlord buys the property with the tenant in place, The deposit is included in the deal. Your new landlord is liable for refunding the damage deposit.

The damages in your place should be documented on an inspection report signed by yourself and the former landlord. He will have that too if one exists.

You will get a portion of your damage deposit back when you leave as the damage deposit belongs to neither of you presently. It belongs to the house and once the house has been satisfied and the charges deducted you will be entitled to what remains.

The unit should be left in the same clean condition you moved into in, clean walls, floors counters sinks appliances etc.

Any damage and any cleaning left undone will be grounds for retaining part or all of the deposit.

I hope this information helps.

AS for approaching your new landlord, Just do it. If your complaints are legitimate and he is not into being a slum lord you should have no problems..

The problems between landlord and tenant are of our own creation.

Answer 4

It simply transfers to new owner for them to hold. Make sure you have document showing how much you put down as security.