If my rental has been sold what happens to my security deposit?

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If my rental has been sold what happens to my security deposit?

I got a letter in the mail saying the property that I live at has been sold and we have to move in a month. The manager said we would not have to pay next months rent since it had been sold. However she is keeping my deposit. Is she allowed to to that if she doesn’t own the house? Should I get my deposit back or go to the new owners?

Asked on July 31, 2011 Virginia

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Here is the issue. Your security deposit has been paid usually to cover first and last month's rent and any repairs that need to be made to the property. That money is technically the previous owner's money and should be kept by her. Since she is saying you don't have to pay the last month's rent, she has already presumably calculated out your rent from the security deposit. So check how much you paid in security and deduct reasonable cleaning expenses and last month's rent and see if you are owed any money by the former owner. If you fear you won't get the money and you prefer to stay, talk to the new owner about picking up your lease and creating a lease so that you are in a contractual binding agreement with the new owner.

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Here is the issue. Your security deposit has been paid usually to cover first and last month's rent and any repairs that need to be made to the property. That money is technically the previous owner's money and should be kept by her. Since she is saying you don't have to pay the last month's rent, she has already presumably calculated out your rent from the security deposit. So check how much you paid in security and deduct reasonable cleaning expenses and last month's rent and see if you are owed any money by the former owner. If you fear you won't get the money and you prefer to stay, talk to the new owner about picking up your lease and creating a lease so that you are in a contractual binding agreement with the new owner.


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