Buying & Selling Real Estate Discussion

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Damon Albers
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owned a property with a tenant for five days before they vacated

Posted Jan 24 2022, 10:00

Hello All, 

I purchased a property from a turnkey company that was acting as the realtor from a home they had rehabbed, sold and managed for the previous owner. 

I took ownership on the property 9-29-2021 with the current tenant in place and then the tenant vacated 10-4-2021. 

Who does the security deposit belong to, me or the previous owner? There is also an open balance of the previous tenant for excessive damages.

I thought that since I took ownership of the property while the tenant was still in the house, the security deposit and any monies owed for damage would belong to me. I'm being told by the management company that the money belongs to the previous owner that I bought the property from.

Who is right?

Thank you, 


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