Landlord
The owner of a rental property, or the person acting for the owner. Landlords are responsible for meeting habitability laws and honoring the lease.
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Part 1 of 4
Why a seller cares
Selling a rental means you are the landlord until closing, with a landlord's duties: notice before showings, the tenant's deposit to hand over, and habitability to keep up. After closing, the buyer is the landlord and the tenant's deposit goes with them.
Part 2 of 4
A simple example
You sell an occupied rental. At closing the tenant's $1,500 deposit transfers to the buyer, and the tenant is told in writing who their new landlord is.
| What transfers at closing | To whom |
|---|---|
| The lease | The buyer, as the new landlord |
| The security deposit | The buyer, with a credit on the settlement statement |
| Prepaid rent for the month | Prorated to the buyer |
The landlord's chair changes hands at closing, with the lease and the deposit in it.
Part 3 of 4
What people get wrong
That the deposit is the seller's to keep. It is the tenant's money, and it follows the property to the new owner.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
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