Security Deposit Used

[Steve Kenoyer]

I am looking a multifamily. the current owner states a few tenants used their deposit while living there. What do i need to request from the owner and each tenant to ensure no issues later.

Thank you.

[Ned Carey]

Get an "Estopple" letter from the tenants saying what the terms are and what there deposit is. Make sure there are no unwritten or unknown promises you will need to keep. By law the landlord must give you the deposits. It belongs to the tenant not the landlord.