deposit (by Doug [IA]) May 26, 2009 7:21 PM
deposit (by Irish [MD]) May 26, 2009 7:36 PM
deposit (by Anderson [IN]) May 26, 2009 9:51 PM
deposit (by Virden [OH]) May 26, 2009 11:43 PM
deposit (by billy [MA]) May 27, 2009 7:23 AM
deposit (by Hamlet [GA]) May 27, 2009 7:54 AM
deposit (by Doug [IA]) Posted on: May 26, 2009 7:21 PM Message:
State Specific Question About: IOWA (IA)
I bought a rental property and continued to rent to the existing section 8 tenant. The seller claimed that the small damage deposite was used up. When I renew the lease with the tenant, do I charge another damage deposit? Also, what if I have no documentation that the deposit was used up? --75.167.xxx.xx |
deposit (by Irish [MD]) Posted on: May 26, 2009 7:36 PM Message:
You are up a creek without a paddle in my opinion...
You failed to use proper due dilegence or smarts to buy this property without a transfer and documentation of security deposit records from the seller...
I somewhat suspect that the seller is abscounding the security deposit money...
Sure you can make it a renewal condition for the tenant to pay addional security deposit...however... I doubt they will agree and will move out rather than pay that...
Actually, if they elect to move out, you might be better off to find a new tenant that will pay a full security deposit up front and a new deal...perhaps the current tenant really did cause damages and the un-astute previous owner did not bill for damages and took the easy route to simply deduct from the security deposit...could be a reason why the previous LL sold the prop...they did not know the procedures for collecting on-going damages expenses...
--71.168.xx.xxx |
deposit (by Anderson [IN]) Posted on: May 26, 2009 9:51 PM Message:
The seller stole the deposit, and now you are by law responcible for it. Hopefully it was small. --72.86.xx.xxx |
deposit (by Virden [OH]) Posted on: May 26, 2009 11:43 PM Message:
Ask the realtor for the estoppal paperwork and then decide if the reported security deposit amounts are worth the damages, you may have to bill the tenant for pre-move out damages if they have to go now is the time so you can get new tenants in warm weather. --99.160.xx.xxx |
deposit (by billy [MA]) Posted on: May 27, 2009 7:23 AM Message:
how much we talking about?i too think the seller stiffed u.it should have been passed on when u bot. --208.58.x.xx |
deposit (by Hamlet [GA]) Posted on: May 27, 2009 7:54 AM Message:
Worse, you could be responsible for returning the deposit to the tenant, per the terms of the lease. I would go after the scumbag who sold you the property. Caveat emptor... --98.66.xxx.x |
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