Georgia

FAQ: What happens to the security deposit when the apartment complex changes owners?

Authored By: Georgia Legal Services Program® LSC Funded

FAQ: What happens to the security deposit when the apartment complex changes owners?

What happens to the security deposit when the apartment complex changes owners?  

The former owner, to whom the security deposit was paid, is responsible for making appropriate arrangements for the security deposit. The security deposit may be transferred to the new owner, making the new owner responsible, or the former owner may refund the security deposit to the tenant. If the former owner fails to take either of these actions, the tenant can bring a legal action against the former owner to recover the security deposit. Before bring a lawsuit, the tenant should write to the former owner and the current owner requesting information on the security deposit.