Buying a rented property - does the seller turn over deposit?

[David Sray]

Hello friends,

I am looking to invest in a property that is currently rented out. Is it required that the seller turn over the deposits they've collected to the new owner or return those to the people leasing? I'm in Texas, if that makes any difference.

Cheers,

David

[Ross Schneider]

@David Sray, speaking from my experience, usually the seller does turn over the deposits at closing.  I would state that in the contract and get the exact amount so there is no confusion.  It may seem redundant, but its better to be safe than sorry.