My husband just inherited a rental property in Virginia. His brother is the Executor of the estate. We are currently in the process of transferring the property into my husband's name. The problem is that the Executor has said he is not giving us the $500 security deposit from the current renter to my husband, because the current renter has probably damaged the property so bad (based on how the outside looks) that they would not get the deposit back anyway. Is this the correct action? Doesn't the security deposit go with the property? What can we do to get this security deposit?
Thanks for your help.
1 Answer from Attorneys
Yes, the security deposit (in my opinion) should transfer with the
property via an executor's deed and if the tenant has inflicted damage
to the premises sufficient to warrant taking the security deposit to
repair it, then it should be up to the new owner of the property to determine
whether such is the case.
If the executor were to retain the security deposit, it would not be
his to keep but rather he would be responsible for using it to repair the damage
which, of course, is the whole purpose of such deposits.
Nevertheless, if the executor refuses to either use the deposit as described above or transfer it to your husband, then he (your husband) may have to sue this executor in small claims court to get it.