What Happens To The Security Deposit When An Apartment Complex Changes Owners?
The former owner is responsible for making appropriate arrangements for the security deposit. The security deposit may be transferred to the new owner, making the new owner responsible, or the prior owner may refund the security deposit to the tenant. If the former owner fails to take either of these actions, the tenant has a legal action against the prior owner. A tenant should write to the former owner and the current owner requesting information on the security deposit.