I bought an apartment building and the previous owner did not give me tenant deposits.

I purchased an apartment complex (8-units) and retained the previous management company for 90-days. The tenant’s deposits were not transfered at close of escrow, however, they were disclosed. Upon termination of the management agreement all but 2 of the deposits were paid to us. The 2 remaining deposits were said to be held by the previous owner. The previous owner says he does not have them and refers me back to the manager. The manager provided documentation from the management company prior to his stating that the owner is holding the deposits. What do I need to do?

Asked on June 7, 2009 under Real Estate Law, Oregon


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Probably sue both the company and the former owner.  Try www.attorneypages.com and also contact your State's Attorney General's office.

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