Full question:
What protects a tenant when the land owner conveys the property when several conditions of unresolved damage claims are unsettled? The buyer wasn't informed or doesn't care.
- Category: Real Property
- Subcategory: Seller's Disclosures
- Date:
- State: National
Answer:
The protections for a tenant depend on the sales contract and the nature of the unresolved claims. Typically, the contract will specify whether the buyer takes on any pending claims related to the property. If the landlord transfers their interest in the leased property while a lease is active, they must also transfer the security deposit to the new owner. This means the former landlord is no longer responsible for the deposit, and the new landlord must return it to the tenant at the end of the lease.
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