Security Deposits when Inheriting Tenant

[Kevin Bevillard]

Hi BP community, 

I am about to go (hopefully) under contract on a duplex in GA with a tenant in each side of the property. Both tenants will be there on the closing date (one is month to month and will be given 60 day notice to vacate), but the current seller wants to take a few hundred dollars out of the security deposit for some late rent on the month to month tenant. Under GA law is this allowed if the seller is not seeing the tenants stay to through the end? How do I go about inheriting the rest of the security deposit and other tenants full security deposit?

This is going to be my first property (again, hopefully).

Thanks!

Kevin Bevillard

[Dakota Burkeen]

@Kevin Bevillard Have you had the tenants sign an estoppel certificate? It would be unwise to take the current landlord's word for the lease agreements. An estoppel will spell out the true terms of the lease, security deposits, pet deposits, etc..  As far as the deposit goes, will a few hundred dollars make or break the deal? If it is a good deal and you will recoup the deposit then go for it but make sure you have the tenants sign that estoppel! Good luck!