Security Deposit ...Please Read
What recourse do I have against the previous owner who will not return the security deposit received from tenants. The property was quit claimed over so there was really no purchase agreement. SECOND ??? ...what would could be done if it were stated in the contract and previous owner refuses to return the security deposit. I look foward to hearing from you.
Is it in The Agreement? how explicit is it. The wording is important, can you pass over that paragraph to us?
Konte
The original tenant agreement of course states that the security deposit is to be returned in the event that tenant leaves with property in tact, etc. The new owner obtained the property through a quit claim deed so there was NO purchase agreement on his obtaining the property....it was actually a court order.
Usually tenants rights and their lease(s) pass with the property. Since you have no purchase agreement, you need a RE attorney to read the court order and the lease to see if you can go after the previous owner. In Va if you purchase a rental property you have to include a written transfer of pro-rated rents and deposits in the purchase agreement. It is never assumed to transfer.
The tenants need to sue the previous owner for the deposits.
Darryle....is this the law in California since the property is in Riverside California.
Darryl..... thank you.....thank you.... thank you.... This previous owner is a real bad egg a.k.a a slickster. I appreciate your findings.
thanks to the both of you. I actually found the information I was looking for (civil code 150)...thank you again.