Security Deposit transfer
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Security Deposit transfer (by Morris [NH]) Feb 25, 2021 7:17 PM
       Security Deposit transfer (by Still Learning [NH]) Feb 25, 2021 7:38 PM
       Security Deposit transfer (by Sorta Blonde [CA]) Feb 25, 2021 8:40 PM
       Security Deposit transfer (by DJ [VA]) Feb 25, 2021 9:05 PM
       Security Deposit transfer (by Steve [MA]) Feb 26, 2021 6:14 AM
       Security Deposit transfer (by S i d [MO]) Feb 26, 2021 10:58 AM
       Security Deposit transfer (by Robert J [CA]) Feb 26, 2021 4:02 PM

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Security Deposit transfer (by Morris [NH]) Posted on: Feb 25, 2021 7:17 PM
Message:

State Specific Question About: NEW HAMPSHIRE (NH)

I'm selling an apartment house tomorrow and handing over a check to the new owner for the tenants security deposit. Is there an official letter I'm supposed to send the tenants stating I given the new owner their security deposits. --24.34.xx.xxx




Security Deposit transfer (by Still Learning [NH]) Posted on: Feb 25, 2021 7:38 PM
Message:

I donít have the legal answer, but could you type something up with the tenant name, address, lease date, security deposit amount collected, amount given to new owner with their contact info as well. Both you and new owner sign and send to tenant. If the tenant has been there at least a year, interest is owed as well. As part of the lease, you are required to let tenants know where their deposit is being held, that is why Iím thinking it wouldnít hurt to get it all in writing with signatures and send it.

--73.17.xx.xxx




Security Deposit transfer (by Sorta Blonde [CA]) Posted on: Feb 25, 2021 8:40 PM
Message:

If you used a company that does title search and transfer to new owner, my property came with a page that clearly defined all the deposits, when paid, who paid, and those amounts were transferred to me as the new owner. Fun since 20 years after the buy, I refunded one of the deposits which amounted to the grand amount of $200.00. Ha. Had to prove it to the Tenants who were leaving after all that time, since they claimed it was much more than double that. Got out the paper, made a copy, gave it to them. No more complaining. --68.8.xx.xx




Security Deposit transfer (by DJ [VA]) Posted on: Feb 25, 2021 9:05 PM
Message:

Include that information in the letter you send telling them the name of the new owner/management company that will be contacting them. --68.229.xxx.xxx




Security Deposit transfer (by Steve [MA]) Posted on: Feb 26, 2021 6:14 AM
Message:

Whether it's a legal requirement or not I would definitely notify each tenant that the building is being sold & that their SD (along with any interested owed & LMR if there is one) is being transferred to the new owners (name & contact info. I would check with the new owners to find out what contact info they would like you to use & cc them for each notice. At some later date you don't want to end up having to pay them back their SD if the new owners don't handle this properly. --71.174.xxx.xx




Security Deposit transfer (by S i d [MO]) Posted on: Feb 26, 2021 10:58 AM
Message:

I would think a competent title company and/or real estate attorney would need to ensure all proper paperwork, transfers, and notices are completed as part of them handling the closing. That's on reason I never skip this step: hire a professional who knows the law. That way if something is screwed up, you can come back to them and get it fixed. They're supposed to be the experts, and they are getting paid to do things properly, legally, and in a timely manner.

You're welcome to send any additional courtesy notices to your tenants. --107.216.xxx.xxx




Security Deposit transfer (by Robert J [CA]) Posted on: Feb 26, 2021 4:02 PM
Message:

You needed to fill out a form showing details of your tenants deposits on file. Also provide a copy of each lease. Then "escrow" will do the accounting so on the Final accounting of the financing, every party involved in the sale will get paid, such as escrow, title, agents, brokers and the DEPOSIT FUNDS will be DEDUCTED from your FUNDS and handed over to the new OWNER.. You don't need to write a separate check. You final escrow statement will be your proof you handed over the tenants deposits. --47.155.xx.xxx



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