Transfer of tenant deposits to me once the deal closes?

[Jack B.]

The sellers agent/property manager told me that they would provide leases and such from the current tenants upon closing and would transfer the money from tenants deposits (they didn’t collect last months rent) from these tenants to me directly after closing. By they I mean the property management company (who I don’t intend to retain) would transfer the money to me.

Is this normal? It seems like I have no protection if they don’t….Looking for responses from people with actual experience, not just opinions on something they have never dealt with...

[Caleb Heimsoth]

This is done at closing. The title company will pro rate rent and deduct deposits from the sellers net proceeds.