Legal Question in Real Estate Law in New York

Loss of Security Deposit thru possible selling of property

My wife and I have been living in our apartment for two years. Recently the landlord was served with papers forclosing on the property. They have been frantically trying to sell the property. The new Landlord has agree to keep us. What will happen to the security deposit?


Asked on 4/20/00, 10:37 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Loss of Security Deposit thru possible selling of property

Security deposits get transferred to the new owner as part of the sale, along with any interest that may have accumulated on the deposit.

I do not know why you are being "foreclosed" as part of the sale. Does your lease allow the landlord to terminate it if the property is sold? Usually, the lease follows the sale to the new owner.

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Answered on 5/03/00, 10:36 am


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