Deposit return issue

[Steven Saccio]

I own a property in central Florida that is managed by agency for me. The agency was bought out by another group at the same time that I turned over tenants. The out going tenants never received their deposit back and were told by the new management agency that who ever was in charge of the deposit accounts for the old group was doing something shady and has ended up in court. Apparently the litigation is starting to wrap up but the old tenants are very upset that they haven't gotten their money back yet. its been three months since they left and the original return would have gone out two months ago if everything went accordingly plan.

Has anyone experienced something like this? Sorry my facts are a little vague but I'm fairly removed from the operation. Thanks in advance!

[Ned Carey]

As others have hinted. You ultimately are responsible to the tenant for the security deposit. Whether the property manager mishandled it is your problem.

If the new management company Bought the old company they bought their debts and responsibilities.