If my apartment complex is going under foreclosure, should we try to get our security deposit back from our old landlord or the new one?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my apartment complex is going under foreclosure, should we try to get our security deposit back from our old landlord or the new one?
We received a foreclosure notice 30 days after moving into our new place, and we would like to stay for the remainder of the lease. The new management company that the bank has assigned has made it clear that they will not be giving us our security deposit. Should we try to get it back from our original landlord? The Protecting Tenants at Foreclosure Act states that the new owner is the successor in interest. Does this mean they are now responsible? Is it possible to negotiate a reduced monthly rent equalling the same amount?
Asked on December 20, 2011 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If the apartment complex that you are staying at is foreclosed upon and you have a term lease, you are allowed to stay in the rental for the duration of the lease assuming you are current on your lease. If the lease is a month-to-month rental, you are required to be given at least 90 days termination of it post foreclosure.
If the property is foreclosed upon, your former landlord is responsible for returning the security deposits placed by the tenants to them or the new property owner.
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.