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Updated almost 6 years ago, 12/06/2018
Who is liable for the deposit when property ownership changes?
For example, a tenant in a property puts down one month security deposit at the signing of the lease to landlord A. The property is sold to landlord B half-way through the tenants lease.
Now the lease is up and I assume landlord B must honor the tenant's deposit refund as stated in the lease.
At what point, if at all, do landlord A and B transfer of security deposit? Is this often overlooked?
I can see this being an unforseen expense for landlord B if not properly addressed.
Thanks, just curious!