Q: I purchased a rental property in Portsmouth that was already being leased. After closing the management company wants
me to pay a management buyout fee in order to receive prorated rent for march and the tenants security deposit. My closing attorney says we are not obligated to partner with them nor did I ever show interest having a management company. The management copy says the management contract transfers with sale of the property. I have never heard of this nor was anything related to management company the addressed at closing. Will I have to sue the management company to release the funds to me?
A:
Try filing a complaint with the Board. <http://www.dpor.virginia.gov/File-Complaint/>. Let the realtor’s broker know you are going to file before you do. You might get a check. If the broker has a problem, it is with the Seller, not you.
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