If a Rental Property changes ownership is the repsonsibility of the New owner to get Security Deposits paid by the Tenants that already occupy apartments in building? The management company of the new owner of my building is telling me I will have to track down the previous owner to try and get my security deposit back. Is that legal? I haven't paid my last months rent because I do not believe I will ever get the security deposit from either the previous owner or the current owner. undefined

Hi,
I don't have a specific answer of "yes" or "no" about new ownership. But, this site might be helpful. Put in your zip code for a list of the laws, etc, for your particular state:

http://realestate.findlaw.com/landlo...posit-faq.html

Maybe someone will come along soon and can give you a legal answer here at this site. I do wish you the best. and good luck.

Usually when a rental building is sold, the security deposits are transferred to the new owner. I find it very hard to believe that this new owner would not demand a new security deposit from each tenant if the previous owner had not transferred the deposits. If you have a written lease, read it carefully. Look for any type of phrase that states something like "the terms of this lease are binding on all of the parties, their heirs and assigns". If that phrase (or something like it) is in the lease, then the new owner is responsible for returning your security deposit.

Thank you I will look on my lease.

You should have received your security deposit back from the previous owner at the time the sale was concluded. Unfortunately now you probably will have to track down the old owner to receive your security deposit back, unless he paid it to the new owner at closing. Double-check with them to make sure. Also keep in mind that any breach of contract on the part of the previous owner does not relieve you of your responsibilities to the new owner concerning rents, etc.

Normally the value of the deposits is figured into the sale price of the building ( or basically the deposit is considered transferred to the new owner) but not always, at times if the lease allows the old owner would be responsible to pay the renters back their deposit but then the renters would have to sign new leases or agree to continue old lease.

A lot will depend on the contract for sale between the old and new owners, the lease ( you contract with the "owners" so if they took over the lease liablity they will have to honor the lease also.

If the old owner violated the lease and the new owners are not honoring the lease, this is another issue also.

The only way is to have an attorney review all the material if the owners will supply them