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Updated over 6 years ago,

User Stats

98
Posts
32
Votes
Kirsten Ostby
  • Rental Property Investor
  • West End, NC
32
Votes |
98
Posts

Commercial tenant security deposit transfer with purchase of bldg

Kirsten Ostby
  • Rental Property Investor
  • West End, NC
Posted

I'm under contract to purchase a commercial building with two tenant spaces, one of which my new startup business will occupy (a strength training gym), and the other space has a tenant in place. I'm not working with a broker, but do have an attorney handling the closing. My question is how does the security deposit transfer at the time of sale? Is it written up by the attorney as part of the closing documents? Does the seller give me a check for the tenant's security deposit amount? I mean, figuratively "give me a check"... or wire transfer the funds, etc. Appreciate any input!

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