Columbus, OH asked in Landlord - Tenant and Real Estate Law for Ohio

Q: I closed on a duplex property on 7/31an haven’t received the tenants security deposit from previous owner what can I do

1 Lawyer Answer

A: Typically, your agreement with the Seller should specify how much you should receive and when. Since it is only a duplex--as opposed to a large apartment complex--it is not uncommon for the amount of the security deposit to just be mathematically eliminated at the time of closing. For example, if the tenant has a $5,000 security deposit, it would be common to just adjust the amount you as the Buyer were obligated to pay to the Seller at closing by subtracting $5,000. Sometimes, the Seller simply discloses the amount of the security deposit, and the Buyer subtracts that amount from its purchase price. In either typical situation, the need for a post-closing physical transfer of the security deposit is eliminated.

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