Prorated Rent and Security Deposit When Buying Property

Buying & Selling Real Estate
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Prorated Rent and Security Deposit When Buying Property

Anthony Vignoni
Saint Paul, MN · Member since 2014 · 2 posts · 0 votes

Does it have to be written into the contract that the security deposit and prorated rent will be transferred over to the new owner? Or it is assumed?

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  • Jeff S.
    Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    12y

    You should write it in and specify who owes the refundables. In other words ask for the refundable deposits (as a buyer) and state a prorate date for the rents.

    It would seem possible that an escrow agent could overlook this, although they usually ask about this.

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