When a rental property in NE has tenants and is sold, who gets  the security deposit--the seller or buyer to be held for the tenant?

Expert Answers

An illustration of the letter 'A' in a speech bubbles

If the tenant has a lease with sellers of a private property and the property is sold, an assessment of the rental should take place by the sellers (old landlord) and the security deposit settled at the time of sale, unless specific terms are delineated in the lease regarding what will happen if such property is sold. (any attorney would see to that) At which point the new owners can offer a new lease, new terms, and request a security deposit from the rental, or not. If there is no lease, technically the renter lives on a month by month basis.

I live in N.Y.C. and my response is generally the legal norm, however contact the local city administrators that deal with the ordinances where you live.


See eNotes Ad-Free

Start your 48-hour free trial to get access to more than 30,000 additional guides and more than 350,000 Homework Help questions answered by our experts.

Get 48 Hours Free Access
Approved by eNotes Editorial Team