Rental deposit
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Rental deposit (by Mark [PA]) Oct 18, 2020 5:40 AM
       Rental deposit (by NE [PA]) Oct 18, 2020 5:56 AM
       Rental deposit (by Carolyn [MO]) Oct 18, 2020 7:23 AM
       Rental deposit (by cjl [NY]) Oct 18, 2020 9:48 AM
       Rental deposit (by Ray-N-Pa [PA]) Oct 18, 2020 10:51 AM

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Rental deposit (by Mark [PA]) Posted on: Oct 18, 2020 5:40 AM
Message:

State Specific Question About: PENNSYLVANIA (PA)

How do I negotiate renters deposit when selling rental property --76.98.xxx.xxx




Rental deposit (by NE [PA]) Posted on: Oct 18, 2020 5:56 AM
Message:

You don't. It transfers to the new owners. --70.44.xxx.xx




Rental deposit (by Carolyn [MO]) Posted on: Oct 18, 2020 7:23 AM
Message:

As Mark just wrote, the security deposit transfers to the new owner.

I just had a sale of an occupied property. I talked with the renter, and we agreed on what her security deposit was. Then I wrote up a short statement that the renter and I signed and turned over to the new owner. It said that the renter and I agreed that the present amount of her security deposit was xxxx and that this amount would be turned over to the new owner. Then Ipaid this amount to the new owner for that amount and had him sign a note that he had received that amount as the security deposit for x.

The renter fussed about this, but I told her it was for her protection. It was documentation about the amount of her security deposit and that the new owner had it,

There was a totally inept title company that the buyer (new owner) had hired for the sale and I think the title company should have dealt with this.

--136.34.xxx.xxx




Rental deposit (by cjl [NY]) Posted on: Oct 18, 2020 9:48 AM
Message:

yeah, there shouldn't be any "negotiation" with their deposit ... it's THEIRS so it should always transfer to the new owner in the sale so when they leave (the tenant) they have the money.

Now what you may want to do is validate that you have $XX for each tenant and they AGREE to that amount (it would be even better if you had receipts and a lease/paperwork indicating such ... then there are no agreements to worry about).

I bought one where the owner indicated the SD was $500 but the tenant (after the fact) said the SD was $550 ... there was no paperwork so the only thing I could do is say "look, here is what was transferred to us during the sale ... if you want your other $50 then go to the previous owner and get it from him". --67.242.xx.xx




Rental deposit (by Ray-N-Pa [PA]) Posted on: Oct 18, 2020 10:51 AM
Message:

I would recommend a letter of estoppel to help protect the buyer, seller and the resident.

Should say what the deposit is

what the rent is and what they are paid up to

who owns the appliances

if there are any material defects in the property

when does the lease end --24.101.xxx.xx



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