Thursday, May 03, 2007

Question...

Got this unsolicited e-mail:


I just purchased an investment property. The paperwork I received at closing from the previous landlord shows that my tenant did not pay a security deposit. The tenant claims she paid a security deposit to the old landlord. Am I responsible to pay her for the security deposit and go after the old landlord or does she have to go after the old landlord?

I don't know the answer. A teaching point, a buyer (and his lawyer) of a rental property needs to get the security deposits as part of the transation. Off the top of my head I think the buyer above may be on the hook.

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