Updated about 6 years ago on . Most recent reply

When buying a fully occupied property who pays back deposit?
Sorry if this is a newbie question but I’m looking into buying my first property soon and I was looking at some multi family properties and a thought hit me. When the property is fully rented and I buy it and a tenant is evicted who pays for their deposit they originally made? Would I, the new owner of the property have to be responsible for that or does the previous owner have to leave that with me once the property is sold? Thanks
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When you acquire a property, you should request the deposits be transferred to you at closing.