Apartment turned into condos. Tenants terminating their lease need their security deposit back.?

Question

Our apartment complex was bought in December, 2005 and the company that bought the complex said they would honor all tenants' leases until they were completed. Then they immediately began a condo conversion.
We did not choose to buy there and when our lease was up June1, 2006 we left the apartment in very good order.

We have not obtained our security deposit back as of this date.
The condo managers say we have to get the security deposit back from the new owner of our apartment/condo because the unit was sold and closed on in March 2006 before our lease was
up.
The condo managers further state that if the unit had been closed on after we vacated then THEY would be responsible for returning our security deposit., not the new owner..

I never heard of such a thing--we have no idea who bought the unit and the condo management has not been forthcoming with that info.

The condo managers said we would get the deposit back but I don't believe them and think they are stalling.

I lived in Virginia, Albemarle county. An answer to this question asked for the specific location details in order to better answer my question. Since I am unable to contact that person directly, I am answering that question here. Thanks

I guess I just don't understand this situation. If the apartment landlord sells the complex to a second landlord and the second landlord agrees to honor all of the tenants leases (security deposit is part of that lease)--and the returm of the security deposit is part of that lease--why won't he?--no matter what the second landlord decides to do with the property in the future--turn it into condos or what not?

I see it this way: I buy a car and begin payments on it Someone comes by and really likes the car so I sell it to him--but I still owe money on the car.When the car dealer demands the next payment on the car, I tell him I sold it and he will have to collect the rest of the money from the new owner. I don't think the car dealer would go for that nonesense--yet essentially I am being told just that about my security deposit (Sigh!)

Answer 1

Security deposit do transfer with the unit so the new owners are liable for the SD, now tell the condo manger you want the name and address of the new owners if they fail inform them not only will you sue the new owners ie Jane doe you will also sue them for failure to inform you of the new owners address but sue you could be entitled to three times your SD back seek a lawyer easy money

Answer 2

What state do you live in? If the sale was completed, all security deposits should have been transferred to the new owner of the complex. Look up "(State) Rental Statutes" on google, you should be able to find specific information from your state on rental laws. They vary significantly state to state.

It does not sound correct that the depost was transferred to the new owner of the condo (Meaning an individual owner, not the land owner). That should not have taken place, as far as I'm aware. The actual land owners should still be in posession of the deposit, and you should have been notified, in writing, by personal delivery or signature confirmation, within 30 days of the actual sale of the land on what was going to happen with your security deposit and any other deposits you put forward.

If you put the state and county you live in, I can look up the laws for you and show you which ones are applicable to your situation.

Answer 3

As far as I know, your security deposit should have transferred to the new owner. It shouldn't be too hard to find out who owns the property as that information is a matter of public record. See if your county has a website for their assessor or property tax collector... a lot of them do and you can oftern search by address. If not, call the county and ask; as long as a deed has been recorded, they will know who the owner is (not that they'd be obligated to tell you how to get ahold of them, but it's a start to at least know who they are!)

Answer 4

No theory what the /20 ability. you should pay the safe practices deposit jointly jointly with your first month's employ earlier to shifting in. under no circumstances positioned down a deposit until eventually you're one hundred% confident you want the condo. make confident you seem into the condo ahead. once you position down a deposit, your apartment contract ought to stipulate what the owner ought to finish earlier to pass-in date AND that you're entitled to an entire refund if he/she would not.