What about the security deposit and last months rent?

Question

I have 2 properties in North Philadelphia that I'm about to put under contract this week. Both have long time tenants paying $650 and $700 a month. Does the deposit and last months rent that they paid to the landlord when they first moved into the property have to be resolved in any way?

Sandy Glover · Answer

Always check the law. I did a quick search of Pennsylvania state statutes and the laws governing security deposit are very clear.

Best of luck

Sarnen Steinbarth · Answer

Here is a sample one: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&so...

Richard Fields · Answer

https://www.landlordology.com/pennsylvania-landlor...

Try this link. NOLO also sell a book called Every Landlords Legal Guide

Donnell Evans · Answer

Wow! Thank you. Now I have to figure out what an estoppel letter is thanks!

Sarnen Steinbarth · Answer

@Donnell Evans

Ideally it should be transferred by the title company / closing agent. That said some titles companies may prefer that they don't facilitate the transfer - but I would insist that they do as it helps create a paper trail of exactly what is being conveyed.

As @Wayne Brooks mentioned an estoppel letter is also highly recommended (and perhaps required depending upon state laws) - this is usually completed prior to COE, so there are no surprises on the day of closing (or later when a tenant moves out, pays the wrong amount, etc).

Wayne Brooks · Answer

Yes, it gets transferred to you....this is why you want to do estoppel letters from the tenants to verify what is in place.

What about the security deposit and last months rent?

What about the security deposit and last months rent?

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