 Rental deposit (by Mark [PA]) Oct 18, 2020 6:29 AM
 Rental deposit (by Allym [NJ]) Oct 18, 2020 9:51 AM
Rental deposit (by FloridaNative [FL]) Oct 18, 2020 10:37 AM
Rental deposit (by Nicole [PA]) Oct 18, 2020 10:43 AM
Rental deposit (by Ray-N-Pa [PA]) Oct 18, 2020 10:53 AM
Rental deposit (by FloridaNative [FL]) Oct 18, 2020 12:57 PM
Rental deposit (by Vee [OH]) Oct 18, 2020 1:48 PM
Rental deposit (by Fishsticks913 [IA]) Oct 23, 2020 5:07 PM
Rental deposit (by Mark [PA]) Posted on: Oct 18, 2020 6:29 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 Allym [NJ]) Posted on: Oct 18, 2020 9:51 AM
Message:
The security deposit should be in a separate account with you as the custodian. I'm pretty sure I closed them out and got a check for each one from the bank, made out to the purchaser. The purchaser would then redeposit them at his or her bank as a rent security account with the purchaser as the custodian. This is done at closing. --71.104.xx.xxx |
Rental deposit (by FloridaNative [FL]) Posted on: Oct 18, 2020 10:37 AM
Message:
Rental deposits and advanced rent like last month's rent are transferable to the buyer at closing. They show up as a line item credit to the buyer on the CD (Closing Disclosure).
The buyer gets an estoppel letter from each tenant for the amount of the sec dep and last months rent if applicable plus lease terms in addition to a copy of the leases you have with each tenant, even if they are month to month. The estoppel is provided to the buyer(s) early in the purchase process. As noted you should have those funds in a separate account already. --68.104.xxx.xxx |
Rental deposit (by Nicole [PA]) Posted on: Oct 18, 2020 10:43 AM
Message:
To the best of my knowledge, deposits are never on the CD or settlement sheet. The settlement agent wants no parts of somehow ending up in the middle of some type dispute that doesn't concern them. There is always a one paragraph agreement and personal check passed at the table. Perhaps this is area specific. --72.70.xxx.xx |
Rental deposit (by Ray-N-Pa [PA]) Posted on: Oct 18, 2020 10:53 AM
Message:
Concur with Nicole.....you are mixing up titles.
A settlement sheet is between a buyer and seller
Not a LL and a tenant --24.101.xxx.xx |
Rental deposit (by FloridaNative [FL]) Posted on: Oct 18, 2020 12:57 PM
Message:
OP says he is selling his rental property.
Here the sec dep is transferred on the settlement statement to the buyers. Shows up as a credit to the buyer and a debit to the seller.
The estoppel signed by the existing landlord and tenant show the amounts.
I don't know why the landlord would negotiate with the tenant on the amount of the sec dep. It's the amount that he has collected per the lease.
--68.104.xxx.xxx |
Rental deposit (by Vee [OH]) Posted on: Oct 18, 2020 1:48 PM
Message:
Each tenant will sign the estoppel form and then have it notarized showing who owns what appliance, uses this or that storage and parking space as well as the amount of damage deposit is held. --76.188.xxx.xxx |
Rental deposit (by Fishsticks913 [IA]) Posted on: Oct 23, 2020 5:07 PM
Message:
Why do you need the estoppel when the lease has all of this information in it? --98.22.x.x |
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