Legal Question in Real Estate Law in Texas
Deposits & Leases
I recently aquired a rental property, my question is, am i responsible for the deposit given
to the previous owner? Or, should he return their
deposit to the tenant, and I collect a new one?
also do I have to honor the existing lease or
can I have a new lease draw up.
thank you
1 Answer from Attorneys
Re: Deposits & Leases
That all depends on how you acquired the property, if by foreclosure, or by contract or ??? Also, if this is a commercial lease, then the lease may have been wiped out by the sale of the property (check the lease to be sure, as there may be an estoppel clause in it.)
If you want the path of least resistance, then I would recommend your honoring the prior deposit and getting a new lease just to be safe.
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