Security deposit or Last Month Rent not transferred at closing
Hello,
Does anyone have experience where some transfer funds were missed since it was not captured in the rent roll provided by seller?
The specific situation is that an inherited tenant moved out at the end of their lease. This tenant remembered paying double deposit, but looking at the rent roll and signed lease they only paid one month rent for security deposit. Digging into the paperwork a bit more we found a hand written break down in the corner of welcome letter that stated a Last Month Rent was paid at signing. Since this was not disclosed from the seller in the Rent roll we did not validate this information when going through the documents.
Any suggestion is appreciated and if there are regulations where the seller is responsible for misrepresenting or not clearly documenting funds that need to be transferred to buyer.
Thank you