Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago,
Security deposit transfer
I am under contract to sell a 4plex in Texas. I have agreed to make some repairs prior to the sale closing. The wrinkle is that I have one tenant whose lease ended on 1/31/20 and there are repairs in that unit to be made. The buyer is asking me to turn over the security deposit to her so she can keep it while go out of pocket for the repairs. Am I allowed to make the repairs out of the security deposit?
Also - I have another tenant who is being evicted (I have judgement already). Same question - I am owed back rents and eviction costs - does that security deposit go to me?
Thanks!