Deposit on a rental

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Deposit on a rental

I am property manager and have an owner who is selling a rental duplex

Asked on May 2, 2018 under Real Estate Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If the tenants moved out pre-closing, the seller (the owner, as you put it) may keep the deposit. If there is a signed contractof sale for the unit, the owner would have to make any necessary repairs needed to put the property back into the shape it was in when the contract was signed--"as is" means the buyer agrees to purchase in the condition it was in when he signed the contract, so the owner must repair damage occuring after that. If there is no contract signed yet, the owner does not need to make the repairs, but if any conditions are not readily apparent to a buyer (e.g. damage within the walls, such as to plumbing or electric), he must disclose same.


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