When an Owner Sells Your Rental Home
Answers for Renters

Sometimes the owner of your apartment or rental home may sell the property.  When this happens, the new owner may want to continue renting to you. If so, you probably will be asked to verify information for the new owner, such as the monthly rent you pay, the names and ages of you and any other occupants, and the amount of your security deposit.
         
All of this information usually is provided to you on a form, commonly referred to as an Estoppel Certificate. Carefully review or provide the information requested. If you disagree with any information, contact the current owner or property manager immediately. By signing the form, you certify that the information is correct, which makes it difficult to correct an error later.
         
You may wonder what happens to your security deposit. The former owner has two options: either transfer the deposit to the new owner or refund the deposit to you.
         
Before taking either action, the former owner has the right to inspect your residence and deduct the costs of any necessary repairs from the security deposit. You should be notified of any required repairs in advance and afterwards to receive an itemized list of the repairs and their costs.  The owner may also deduct any outstanding rent from your deposit.
         
If any amount is deducted, the new owner will likely require you to pay that amount to restore the security deposit to the amount you agreed to pay when you signed the original rental agreement. Why? Even though ownership of the property may change, the terms of the rental agreement remain in effect until one of the following occurs: 1) the lease expires, 2) proper notice is given for any changes to a month-to-month agreement, or 3) you accept new terms in writing, such as a new lease or rental agreement.