Landlord Question and Answer Forum

Forum / Real Estate Investing / What if money is owed

Property owner is selling rental apartments in VA. All leases and deposits are prepared and ready to handed over at closing. However the current owner has stated he is owed money by a few of the tenants and wants to keep the deposits of those few and not transfer them to the new owner in order to settle money owed to him.....can this be done?

Gerri C, VA on Tuesday, October 29, 2019

RE: What if money is owed

Talk to your real estate agent. In my case, the amount of outstanding debt (security deposits) was deducted from the sale price. Therefore, I was responsible for refunding the deposit upon move out.

Posted by Matthew M, IL on Thursday, November 21, 2019

Return to the Real Estate Investing Forum

Read related Real Estate Investing Articles

Documents related to this forum

Articles related to this forum

Does Selling Your House FSBO Really Save Money?
Posted January 05, 2018 Reader Rating:
Is it worth turning your house into a Furnished Rental?
Posted January 05, 2018 Reader Rating:
Real Estate Investment and the Trump Effect
Posted February 19, 2017 Reader Rating:
The Accidental Landlord: Should We Try Renting Out Our Old House?
Posted November 14, 2016 Reader Rating:

Highest Rated Discussions
allowable income tax deduction for loss of rent on vacant property Author: ben h, PA Updated: 04/25/2022 Rating:
Charlottesville Real Estate Agent Author: adffe s, Updated: 07/18/2022 Rating:
Funding Options Beyond Mortgage? Author: Harry D, MD Updated: 04/03/2019 Rating:
How can I learn how to start in real estate investing? Author: Carmelo S, KY Updated: 04/03/2019 Rating:
is rental property a good investment Author: dwayne_graves o, FL Updated: 09/18/2019 Rating:

The forum is completely free to anyone! If you wish to post a message, you must log in. If you are not registered already, Join today to create a free account!

Any comments and opinions that are expressed by the users of this forum are solely those of the authors, and have not been reviewed or approved by ezLandlordForms.