Post date: Jan 10, 2017 8:19:40 PM
When a landlord sells their property, they are required to one of the following with their tenant's security deposits:
Transfer the security deposit to the new owner, minus any lawful deductions. A full itemization should be provided for any amounts deducted and what amount will be transferred to the new owner. Civ 1950.5(h)(1)
Return the security deposit to the tenant, minus any lawful deductions. A full itemization should be provided for any amounts deducted and what amount is refunded. The new owner will now be responsible to collect the security deposits from the tenants. Civ 1950.5(h)(2)
(h) Upon termination of the landlord’s interest in the premises, whether by sale, assignment, death, appointment of receiver, or otherwise, the landlord or the landlord’s agent shall, within a reasonable time, do one of the following acts, either of which shall relieve the landlord of further liability with respect to the security held:
(1) Transfer the portion of the security remaining after any lawful deductions made under subdivision (e) to the landlord’s successor in interest. The landlord shall thereafter notify the tenant by personal delivery or by first-class mail, postage prepaid, of the transfer, of any claims made against the security, of the amount of the security deposited, and of the names of the successors in interest, their addresses, and their telephone numbers. If the notice to the tenant is made by personal delivery, the tenant shall acknowledge receipt of the notice and sign his or her name on the landlord’s copy of the notice.
(2) Return the portion of the security remaining after any lawful deductions made under subdivision (e) to the tenant, together with an accounting as provided in subdivision (g).