If apartment building is being sold do I get my deposit money back?

9 Responses to “If apartment building is being sold do I get my deposit money back?”

1. Comment by steveko777

   Check your lease—-Standard procedure is to transfer the security accounts to the new owner. Most leases detail this and if it doesnt you are within your rights to ask the current landlord so you are sure.

2. Comment by Gizmo

   Incorrect. Look at your lease. The deposit would be transferred to the new owner along with your lease and the new owner is responsible for holding that escrow account and returning the applicable portion of your deposit when you move out.

3. Comment by myronog

   well, this is my assumption of the situation, since i am not even from the USA, but i think that the previous owner would have to end the contract with u and the new one renew or make a new contract, and at the end of the contract u are entitle to your deposit if everything is alright with the apartment.

4. Comment by realtor.sailor

   In most cases the closing agent will collect the deposits from the seller and transfer them to the new owner. In you case of an apartment building (versus a duplex) you have sophisticated buyer’s and seller’s. I don’t think you have anything to worry about.

   realtor.sailor

5. Comment by goz1111

   The lease/security deposit flows with the land, so even if the new owners failed to do due diligence and get the security deposit monies at closing they are still legally obligated for the security deposit to the tenant as the new owners of the units,

6. Comment by estielmo

   All deposits are transferred to the new owner. Simply be sure to save all your paperwork and records.

7. Comment by reenzz

   Your deposit should have been transferred to the new owner at the closing of the building. You deposit, less damages, will be returned to you after you move out.

8. Comment by gafpromise

   When an apartment building is sold, all the security deposits should transfer to the new owner. It is the new owner’s responsibility to carry out all the functions of the lease including paying back security deposits. If the new owner did not receive the security deposits from the old owner, then they need to sue the old owner.

9. Comment by Classy Granny

   By law the old landlord turns any security over to the new landlord. You don’t get it back until you move out