When selling a tenant occupied property - if the tenant owes rent, do I keep the security deposit or does it?

Asked by Eric Mundy, Philadelphia, PA Mon Nov 26, 2007

get transfered to the new owner?

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Lorie Gould, Agent, Duluth, GA
Mon Nov 26, 2007
Is the tenant still living in the property and does the lease transfer over to the new owner? If the answers to both questions is yes then you do not keep the security deposit. However, you can negotiate a higher price when an offer comes in to help cover your losses. If this tenant is in default it would be best if you did not fail to disclose such an important item on income property.
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