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Updated about 9 years ago on . Most recent reply

User Stats

224
Posts
50
Votes
Ryan Moore
  • Rental Property Investor
  • Phoenix, AZ
50
Votes |
224
Posts

How to handle: while closing on MF, tenant moves out, deposit??

Ryan Moore
  • Rental Property Investor
  • Phoenix, AZ
Posted

Closing on my first property, a 4-unit multifamily in Phoenix.  At inspection it was noted that one of the units wasn't in the best shape.  The lease shows that $350 was collected for the deposit.  During the appraisal, I noticed that the unit looked unoccupied and still in disrepair.  Reached out to the seller's agent.  They stated that the tenant agreed to move out early.  They said that they weren't going to fix anything because it was noted in the inspection report (minus the missing thermostat which they will replace), and they were unsure of where the deposit is.

So I obviously feel like I'm getting screwed over on this.  I knew the unit wasn't in the best shape, but that there was a deposit on file.  Now the unit is unoccupied, and I may not be getting the deposit.  So they are going to keep the deposit and not fix anything.  Thoughts on what I should do next?

Most Popular Reply

Account Closed
  • Real Estate Agent
  • West Palm Beach, FL
9
Votes |
11
Posts
Account Closed
  • Real Estate Agent
  • West Palm Beach, FL
Replied

"they were unsure of where the deposit is."

i don't know how it works in Arizona, but i presume it is similar throughout the US.

(In Florida) It is illegal for the landlord to be "unsure of where the deposit is" in fact they could be sued (by the tenant) and fined for it (by the state). Have you read through your state's landlord/tenant statutes?

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