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tet | I purchase a duplex built in '05. What typically happens with the security deposits from the current renters |
I am looking at buying a duplex in lehigh (uhg I know its a risk)
the one I've been eyeballing has both sides currently rented out. IF the current owner/landlord collected a security deposit and/or last months rent, what happens to that $$. Does it go directly to me? or is it given back to the renters and recollected when I take over ownership?
Also what should I do if the current owner did not collect a security deposit or last months rent?
thanks for reading the details!! |
 |
 
Let Them Eat Cake!!!!!!!!! chop
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1. Review the lease to ensure security deposits were required
2. By law, the current landlord is supposed to give you the security deposit/last months rent within 10 days of close
3. If he did not collect, again review the lease. You cannot request one if it is not in the lease, however you can send out a new lease and give tenants 20 days to agree to the new terms and if not you have the right to remove them from the property (hearing that usually makes them give it in and its legal) |
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Lea L
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In the real estate purchase contract it should state that the security deposits of the renters be tranferred to the new owner. Ask your realtor about it. |
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jeremykbrandi
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It depends upon the current lease agreement between the current owner and the current tenants.If the lease is transferred to the new building owner he must reliquish the funds to you. As if no damage is done you are responsible to return the deposits. If all leases are cancelled at time of sale then you must get all new agreements on you rental terms. |
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Classy Granny
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If there is a security deposit and/or last moths rent being held the owner should turn that over to you. You hold it until your tenants move out. I would make sure though that if he tells you none is being held that there really isn't. Seems to me that would be an easy way for the seller to make a little extra money leaving you holding the bag. If there is truly nothing being held, I am sure that when their lease renews you could put a deposit in place. If they don't want to pay it, they don't live there anymore. |
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estielmo
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You inherit the renters and all the agreements as-is. Everything is transferred to you. Be sure at the close that you get the original leases and all associated paperwork. If there are no deposits or last-months-rent then you can't collect any until the lease is up and you can "change the conditions of the agreement."
Since you ask such a basic question it is clear you don't have a clue of what you are getting into so go to the library and get some landlording books (there will be plenty there) and be sure you understand fully California landlord-tenant law or you will be very, very sorry.
Law often does not follow logic, so be sure that you understand it. Often you cannot do what seems right and reasonable. Also read and study the leases that are in force and be certain you understand them inside and out, as both parties are bound by them. |
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YthHomeOwner
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You should receive the deposits at closing. If the owner is lacking in such, it should be taken out of the purchase price.
Unless the renters are leaving, they should obviously not get their deposits back. |
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Dawni Do Right
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There will be a series of debits & credits on the settlement statement at escrow where you are transferred the security, pet or other deposits and any last month's rent for tenant that are in place, if applicable. |
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Patrick
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As the others have stated you should receive the deposits at closing.
At this point in the process you should know what they all are, what rents are being paid, etc. Make sure you get a copy of the rent rolls for the past year or two to verify that you are purchasing a property that is worth while. The last thing you want to do is buy the property to find out that the rents have been mis-stated or that you are inheriting another persons deadbeat tenants that haven't paid rent in months.
Good Luck! |
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carlyjj941
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i purchased a duplex while tenants where still occupying it.... (it was kind of up in the air as to what we and the landlord wanted to do) since my brother and i where planning to move in ourselfs we asked that the landlord help re-locate the tenants and take care of all that "stuff" before the closing.. if you planning to take over as landlord i would suggest that you take over the security deposit and hold it as the landlord would.. (be sure to review their current leases, you have to fufill them, but once they are up you can do as you would like... raise the rent, require a higher deposit, etc.)... GOOD LUCK hope its a good investment for you ! |
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