seller & tenant deposit dispute

[Amy A.]

I recently purchased a property where a tenant says her deposit was a much larger amount than the seller says it was.  The only documentation is the lease, which was signed by both parties and has the larger amount.  The seller says that just because the lease lists a certain amount doesn't actually mean that the tenant paid it.  Now the tenant is moving out and I received the much lower deposit amount from the seller at closing.   The tenant can't find her receipt and doesn't have a checking account.  What would you do?

Before you all jump on me, I actually provided estoppel forms for the tenants, but the seller picked up most of them and I didn't see them until closing.   I suppose I could have stopped the closing, but I didn't think it was worth the hassle over a few hundred dollars' dispute.

[Michael Seeker]

That's a tough one...legally you're obligated to honor the lease.  If the lease has the higher of the two numbers in it, then that's probably what you're going to end up owing the tenant if it escalates to a legal dispute.  Depending on the dollar amount, it may or may not be worth going after the previous landlord for.  As an outsider to the situation, I'd say you are the one that dropped the ball by accepting less at closing than what was outlined in the lease(s).  I'd consider that a relatively cheap lesson to learn, pay the tenant what's in the lease less any damages and chalk it up as something to know better for next time.