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What Happens If My Landlord No Longer Owns The Building?

Upon cessation of a landlord´s interest in the dwelling unit including, but not limited to termination of interest by sale, assignment, death, bankruptcy, appointment of receiver or otherwise, the person in possession of the tenant’s damage or security deposits at his option or pursuant to a court order shall, within a reasonable time transfer the deposits to the landlord’s successor in interest and notify the tenants in writing of the transfer as well as the transferee’s name and address or return the deposits to the tenants. Once the transferee receives the transferred deposits, he or she has all the rights and obligations regarding the deposits of a landlord.

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