 sell w security deposit (by Glenda [NY]) Feb 16, 2019 12:42 PM
 sell w security deposit (by Moshe [CA]) Feb 16, 2019 1:10 PM
sell w security deposit (by S i d [MO]) Feb 16, 2019 1:12 PM
sell w security deposit (by BRAD 20,000 [IN]) Feb 16, 2019 2:24 PM
sell w security deposit (by Ray-N-Pa [PA]) Feb 22, 2019 1:53 PM
sell w security deposit (by Glenda [NY]) Posted on: Feb 16, 2019 12:42 PM
Message:
I'm selling my rental property. The security deposit should be transferred to the new owners. The buyer didn't see the apartment before the current tenants rented it. So I would be the only one able to verify that the apartment was in the same condition as when the tenants moved in. So would the new owner just base any deductions on the apartment's condition when they purchased the property? Or how would that be handled?
--74.70.xx.xx |
sell w security deposit (by Moshe [CA]) Posted on: Feb 16, 2019 1:10 PM
Message:
The buyer CAN base any deductions on the apartment's condition when they purchased the property, but he might be skipping some damage that may have occurred before he purchased the property.
First of all, its the buyers problem, not yours. And, the buyer failed to exercise all of his rights to document the condition of the property at tghe time of commencement of the tenancy. So, if I were you, I wouldn't be too concerned with the buyer's dilemma.
--47.139.xx.xxx |
sell w security deposit (by S i d [MO]) Posted on: Feb 16, 2019 1:12 PM
Message:
I, as the Buyer, always ask for a copy of the move-in inspection paper work & pictures that the land lord did and that the tenant signed to document the condition of the unit, and if the land lord can't provide it then I deduct from my offer just like I would for finding damages that were not readily observable. If the LL doesn't have any paperwork, then the odds are I'd be eating any damages at move out.
I also demand that the current tenant fill out an estoppel letter that restates the basic terms and conditions of the current lease--even if there is already a paper lease in effect--along with a statement that, "This represents the entire agreement between tenant/land lord and there have been no other promises made by either party, nor will there be any changes to the terms of the rental agreement until the day after (fill in closing date)".
The estoppel letter keeps the tenant from later claiming that the old land lord promised never to raise their rent and said he would buy them a new $2000 stainless steel fridge. ;-)
Ultimately, it's not your concern. The Buyer is responsible to do his/her own due diligence prior to purchase. If your Buyer doesn't do it the way I do, then he/she is inviting nasty surprises down the line.
--173.20.xxx.xxx |
sell w security deposit (by BRAD 20,000 [IN]) Posted on: Feb 16, 2019 2:24 PM
Message:
Glenda,
Condition is based on the lease, not ownership.
Pass along the lease with signed move in inspection with photos.
Make certain you comply with the law by giving your resident a written accounting of how his/her deposit was applied.
BRAD
--73.102.xxx.xxx |
sell w security deposit (by Ray-N-Pa [PA]) Posted on: Feb 22, 2019 1:53 PM
Message:
A letter of Estoppel is going to help you and the buyer out in the future. It can list resident names, rent amounts, deposit amounts, appliance ownership, and material condition of the apartment at move in for the buyer --72.23.xxx.xx |
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