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    aimcndrlla's Avatar
    aimcndrlla Posts: 2, Reputation: 1
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    #1

    Aug 16, 2012, 05:30 PM
    Sale of property I rent from
    I currently rent a property that has recently been sold. I have a large deposit with the previous owner. Can the new owner decide he doesn't recognize this deposit and decide not to rent to us?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Aug 16, 2012, 05:33 PM
    Do you have a lease? If so, when does the lease expire? ANY question on law needs to include your general locale as laws vary by area.
    aimcndrlla's Avatar
    aimcndrlla Posts: 2, Reputation: 1
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    #3

    Aug 16, 2012, 05:35 PM
    Quote Originally Posted by ScottGem View Post
    Do you have a lease? If so, when does the lease expire? ANY question on law needs to include your general locale as laws vary by area.
    No, I do not have a lease, and I live in Lake George, NY
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Aug 16, 2012, 05:49 PM
    Then you are a month to month tenant and the new owners can terminate your tenancy with one month's notice. The good news is the prior owner must transfer the depoit to the new owner or return it.

    New York Security Deposits
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Aug 16, 2012, 05:50 PM
    Lake George, wonderful area, I used to live in a 5 bedroom log cabin on the lake.

    But at the sale, the seller was suppose to transfer the deposit over to the new buyer, so the new buyer of liable to hold and return the deposit to you. You need to verify with them, that this was done, since they have to pay it to you, even if the seller did not give it to them.

    Next they have to honor any lease or rental agreement, BUT... if you are just on a month to month, they may give you a month notice to move if they want to.

    Have you talked to the new owner and discussed any of this.
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