What to do if we purchased a rental that had a tenant in place?

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What to do if we purchased a rental that had a tenant in place?

The purchase contract specified that any security deposit was to be credited to us. Neither the lease that was provided to us at closing, nor the Section 8 lease for the tenant showed a deposit and none was credited to us. Now the tenant is moving and she has her original lease from 3 years ago with the seller that shows that she did indeed provide a security deposit. The seller was represented through all negotiations and closing by his attorney. What is the best way to get the security deposit from the seller now that we know one exists?

Asked on November 26, 2012 under Real Estate Law, Colorado

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Rather than getting the security deposit that you are writing about, I suggest that you advise the tenant to seek the security deposit from the seller of the property since you never received it. Assuming there are problems with the property needing repairs caused by the tenant, you need to make a claim to the seller for payment of the amount of the repairs from the tenant's security deposit to be paid to you.


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