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Does a tenant lose their security deposit if the landlord sells the property?
Wiki User
∙ 8y ago
No, not simply by virtue of a sale of the property. However, the tenant must take the necessary steps to safeguard their deposit. Security deposits are a complicated issue and state and local laws may vary regarding how they are to be managed. The tenant should always make sure to obtain a receipt for the security deposit at the beginning of their tenancy and keep that proof in a safe place.
Generally, a security deposit is supposed to be kept by the landlord in a separate account during the tenancy. When the tenant moves, the security deposit can be used to repair any extraordinary damage to the property apart from normal wear and tear. If the landlord wants to keep the deposit, they must provide a detailed accounting to the tenant that lists any damage and the cost to make the repairs and provide that statement within a certain time period, typically 30 days. If the landlord fails to follow state law then the tenant will be granted 2 to 3 times the original amount as a refund if they take the case to small claims court.
When a leased property is sold and the tenant plans to remain in the rental they should discuss the security deposit with the departing landlord and make certain it is turned over to the tenant or the new landlord. They should obtain a receipt that documents this changeover.
If you have further questions you should contact your local landlord/tenant agency.
Wiki User
∙ 8y ago
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Why does a lease gives both the tenant and the landlord security?
A security deposit is a refundable deposit that a tenant pays to their landlord before they move into a property As long as a tenant abides by the terms of their lease, this deposit should be returned to a tenant when their lease has expired. There are certain situations where a landlord is allowed to keep all or part of a tenant's security deposit.
Why would a landlord keep the security deposit?
A landlord will keep a security deposit if the condition of the rental property was damaged by the occupant in some manner. The security deposit is to cover the expenses of repairing the rental property after the tenant has moved out of the premises.
What happens to a tenant's security deposit when the building is sold?
In most states the security deposit remains the property of the tenant regardless of who owns the building, and state laws may require the old landlord to inform the tenant who the new owner is and where the deposit money is being kept.
What can a Landlord charge you from you security deposit?
Not while he's holding the security deposit and the tenant is still living on the property. If your landlord finds that the tenant has damaged the home of landlord can give him the opportunity to fix it, sue the tenant for such damage - even if the tenant is still living on the property - or begin the eviction proceedings for violating the terms of the lease with the proper notice asking the tenant to vacate the premises. If the tenant moves out because of the violation, the landlord may keep all or part of the security deposit he is holding.
What are your rights as landlord if no lease regarding security?
Basically speaking, whether there is a least written or not, if you, the landlord, accept a security deposit, you are obliged to return the deposit to tenant within 30 days of his moving out of the property. If the tenant has violated the terms of the agreements - they should be in writing - between the two of you, you have the right to keep the security deposit but you must write a letter to the tenant explaining why. The tenant has the right to take the matter to court if he feels the reason is unjust.
Where to find a copy of the law that states the deposit can be used for the last months rent if your evicted?
Your state laws should have a section about "landlord and tenant" or the like. There are also many self-help books available about landlord/tenant laws. In Massachusetts, for example, the law defines both a security deposit and a damage deposit and ONLY the security deposit can be applied to delinquent rent, and the damage deposit remains the property of the tenant until the landlord proves damage to the premises and the costs to repair them.
What does a landlord owe a tenant?
that the Landlord will follow the law. if the tenant leaves the house in good condition, the landlord must refund the entire amount of security deposit.
Is it standard for a landlord to ask for first last and security deposit?
Yes. Virtually all property owners will insist on first, last, and deposit to ensure that the tenant will not move out in the middle of the night, or damage the property.
If your tenant cuts there contract short do you give back the security deposit?
It depends on the reason why the contract was cut short. Was it the fault of the Landlord or the property. Or was it for no reason at all, just that they wanted to terminate the contract. If it was the fault of the landlord or the property, then the security deposit should be returned if no damage to the property was caused by the tenant. If it was terminated for no reason at all then it shouldn't be returned. And it probably depends on what the contract says, as well as laws in the area.
Can your landlord keep your security deposit because of a stove fire?
They can if the fire was the tenant's fault.
Can a tenant demand security deposit when moved out owing rent and gave no notice?
If no notice is given, then the tenant owes for the next month, if the landlord tries to rent the unit and cannot. The security deposit can be applied to the arrearage - the landlord needs to write the tenant a letter so stating.
Can a landlord keep a tenant's deposit for something the tenant did not intend to do to hurt the property?
The Landlord can keep the deposit for any damage. No matter who or how it was caused. You should have renters insurance to take care of anything like this.
