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Updated about 9 years ago on . Most recent reply
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Security deposit after purchase
I just purchased my first property which is a duplex. One side is vacant and the other side has a section 8 tenant.
I have 2 issues, the security deposit and the rent payment for this month.
1. I asked the listing agent for the security deposit and she said the tenant was behind on rent so they used it to pay for her rent. I talked to the tenant today and she said that she was behind because she was in the hospital for 3 months but she still paid the rent. I just closed last week so I am in the process of submitting paperwork to switch the section 8 to my name and have payments forward to me. This will take 30-60 days. How can I get that security deposit from the seller? My lease contract in section 9(5) of TREC NO. 20-12 says, "Seller shall transfer security deposits (as defined under §92.102, Property Code), if any, to Buyer." Should I have tenant get it from them?
2. I called section 8 and they said they disburse payment in the beginning of the month so February was already paid for. I closed on 2/5/16 and the section 8 paid 70% of the rent to the owner, the tenant pays the other 30%. How would I go about getting that money for this month? Should I ask the listing agent about it?
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That is why I have a lawyer at every closing. She protects me from such nonsense.
You should have gotten the security deposit and the Section 8 payment credited at closing.