What happens to a security deposit when a rental property changes owners?

An Ohio renter was surprised when a new landlord requested another $500 security deposit after purchasing the home he had rented for six years. The previous landlord claimed she had already spent most of the original deposit on plumbing repairs, despite never notifying the tenant. After digging through years of records, the renter uncovered proof of additional deposit payments, ultimately resolving the dispute.

Talking from experience here, I’m a tenant and have been for a while. When you sign a lease, the money you put into the deposit is money that has to feel like non-existent. The reason behind this is that if the landlord considers they own this money, they will most likely spend it. And that’s when the problem begins. 

In the case of this story, the tenant claimed never been informed about the plumbing issues that ended up costing $500, which he had to replace. Eventually, after analyzing more numbers, they ended up solving the problem, but that doesn’t mean he had the worst time of his life, not only finding out the property had been sold, but also having to pay an entire security deposit that wasn’t in his plans.

The relationship between a landlord and a tenant is a very delicate one, and should be respected as it is. We are talking about a lot of money and also about someone’s home. Those are sensible topics that need to be addressed with the care and the responsability it needs. I’m glad the situation ended and that both of them are happy and with peace of mind, which is the most important thing nowadays. Let us know in the comments what your opinion is on this case!