Just closed on building in Western NY Security Deposit ????

[John Gach]

So upon going under contract for the building the tenants were paying rent per the seller. Upon final walk through found out 1 tenant was applying for rental assistance, this tenant never had a security deposit but the question is not about that tenant.

The other tenant supposedly had a $1,000 security deposit. Apparently in between being under contract and closing on the property the tenant stopped paying rent. The old landlord then “used” the security deposit towards rent.

Now that I own the property at closing I was never given the $1,000 security deposit, I was also never notified between being under contract and closing on the property that tenants stopped paying rent nor that the security deposit was used towards rent.

So that’s the dilemma, I have my real estate agent saying I should have received the security deposit. My lawyer hasn’t really tried to stick up for me regarding this. So my real estate agent asked another attorney that he knows and that attorney made it sound like the security deposit shouldn’t be used towards back owed rent and that I should received the security deposit of $1,000.00

Does anyone know for sure how this should work?

Fun times