Deposit on a rental

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Deposit on a rental

I am property manager and have an owner who is selling a rental duplex

Asked on May 2, 2018 under Real Estate Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

If the tenants moved out pre-closing, the seller (the owner, as you put it) may keep the deposit. If there is a signed contractof sale for the unit, the owner would have to make any necessary repairs needed to put the property back into the shape it was in when the contract was signed--"as is" means the buyer agrees to purchase in the condition it was in when he signed the contract, so the owner must repair damage occuring after that. If there is no contract signed yet, the owner does not need to make the repairs, but if any conditions are not readily apparent to a buyer (e.g. damage within the walls, such as to plumbing or electric), he must disclose same.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption