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Updated about 5 years ago on . Most recent reply

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7
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Yesenia Martinez
  • Chicago, IL
0
Votes |
7
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Security deposits were returned to tenants for violation

Yesenia Martinez
  • Chicago, IL
Posted

I’m closing on a rental property this week. I have inherited tenants. Both units have leases, however, there was a violation of the landlord tenant ordinance. Therefore, the security deposits were returned to the tenants prior to closing. How can I receive those security deposits that were returned in the event that they leave and I need it to cover damage causes, etc.?

Most Popular Reply

Account Closed
  • Rental Property Investor
  • Central, fl
821
Votes |
950
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Account Closed
  • Rental Property Investor
  • Central, fl
Replied

@Yesenia Martinez that’s a new one.  Is this in writing?  Is it in the estoppel agreements that were signed by the tenants?  If not get them to sign what the landlord has or does not have. 
because if you go to closing and the seller actually had security deposits and didn’t hand them over, you are still on the hook to return the deposits minus the deductions for damage.  

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