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If a landlord buys a unit, who is responsible for the tenants deposit?

If a landlord buys a unit, who is responsible for the tenants deposit?

Full question:

If a landlord buys a unit, who is responsible for the tenants deposit? Is it the current landlord or the previos landlord. and what if the current says he did not receive the deposit?

Category: Landlord Tenant
Date: 04/07/2025
State: Missouri

Answer:

The answer depends upon the terms of the sales contract, and the circumstances regarding the deposit. Generally, if the property is sold or transferred, the new landlord is responsible for obtaining the deposit (and any accrued interest) from previous owner and opening a separate account for the deposit. Please see:

http://www.uslegalforms.com/legaldefinitions/s/security-deposit.php

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the law regarding security deposits for rental in Illinois?

In Illinois, the security deposit law requires landlords to return the deposit within 45 days after the tenant moves out, unless there are deductions for damages or unpaid rent. If deductions are made, landlords must provide an itemized list of these deductions. Failure to comply can result in the landlord being liable for double the amount of the deposit plus legal fees (765 ILCS 710/1). *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What is the security deposit law in Massachusetts?

In Massachusetts, landlords must return security deposits within 30 days after the tenant vacates the property. If deductions are made for damages, the landlord must provide an itemized list. Landlords are also required to hold the deposit in a separate, interest-bearing account. If the landlord fails to return the deposit or provide an itemized list, they may be liable for up to three times the deposit amount (Mass. Gen. Laws ch. 186, § 15B). *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

Am I entitled to my rent deposit back?

Yes, you are generally entitled to your rent deposit back if you meet the terms of your lease and leave the property in good condition. However, landlords can deduct amounts for unpaid rent or damages beyond normal wear and tear. It's important to check your lease agreement and state laws for specific guidelines on deposit returns. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What is the law on security deposits in Massachusetts?

In Massachusetts, security deposits are regulated by law, requiring landlords to hold the deposit in a separate, interest-bearing account. Landlords must return the deposit within 30 days after the tenant moves out, along with any accrued interest, unless there are valid deductions. If the landlord fails to comply, they may face penalties, including triple damages (Mass. Gen. Laws ch. 186, § 15B). *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What happens if a landlord does not return a security deposit in 30 days in Massachusetts?

If a landlord does not return a security deposit within 30 days in Massachusetts, they may be liable for triple the amount of the deposit, plus legal fees. Tenants can file a lawsuit to recover the deposit and any additional damages. It's essential to document all communications with the landlord regarding the deposit. (Mass. Gen. Laws ch. 186, § 15B). *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What is the Minnesota state law for security deposit returns?

In Minnesota, landlords must return security deposits within 21 days after the tenant vacates the property. If deductions are made for damages or unpaid rent, landlords must provide an itemized list. Failure to return the deposit on time may result in the landlord being liable for the full amount of the deposit, plus interest (Minn. Stat. § 504B.178). *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*