[RPPTL LandTen] Nagging Question

[Lloyd Granet]

Is this solved if the Owner designates it/him/herself as agent?

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From: landten-bounces at lists.flabarrpptl.org [mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Harry Heist
Sent: Monday, August 21, 2017 11:25 AM
To: 'RPPTL Landlord Tenant Committee' <landten at lists.flabarrpptl.org>
Subject: [RPPTL LandTen] Nagging Question

Can a property manager who is fired, transfer the security deposit to the CURRENT OWNER?

Do you all think that this is just an obvious “Yes”?

If you carefully look at the law, it is in question.  This could just be sloppy drafting of the law.

The law clearly says “NEW OWNER”, “NEW AGENT” but does NOT address when an owner will be managing.

This issue come up a LOT and if you ask the tenant for PERMISSION to transfer, MANY do not want to give this permission so the agent who no longer manages is stuck holding the funds.

(7)  Upon the sale or transfer of title of the rental property from one owner to another, or upon a change in the designated rental agent, any and all security deposits or advance rents being held for the benefit of the tenants shall be transferred to the new owner or agent, together with any earned interest and with an accurate accounting showing the amounts to be credited to each tenant account. Upon the transfer of such funds and records to the new owner or agent, and upon transmittal of a written receipt therefor, the transferor is free from the obligation imposed in subsection (1) to hold such moneys on behalf of the tenant. There is a rebuttable presumption that any new owner or agent received the security deposit from the previous owner or agent; however, this presumption is limited to 1 month's rent. This subsection does not excuse the landlord or agent for a violation of other provisions of this section while in possession of such deposits.

Harry

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