Investment purchase and security deposit

That when a property is sold with a tenant in place, the purchase and sale agreement needs to address how all deposits and pre-paid last month’s rent will be transferred to the buyer? The buyer will also need a copy of the original move in inspection report. Without one, the tenant cannot be charged for any damage done to the property. The new buyer is responsible for informing the tenants, in writing, of the Washington State bank and branch where the deposits will be held in trust. The new owner of the property will be responsible for refunding any deposit owed the tenant at move out, per the terms of the lease, even if funds aren’t transferred at closing!

About Coldwell Banker Bain Property Management

As residential property managers for Coldwell Banker Bain Property Management Division, we manage single family residences, individual condominium units and small apartment complexes in the greater Puget Sound region. We serve Seattle, Tacoma, Anacortes, Marysville, Bainbridge Island, Lynnwood, Everett, Redmond, Bellevue and many other cities in Washington State. We also offer full service commercial property management.
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