If an investment property is sold or otherwise changes ownership, the landlord must do two things within five days of the transfer of ownership.
- Transfer all security deposits over to the new owner.
- Notify all tenants whom he or she has received a security deposit from, in writing, by certified or registered mail, of the change in ownership. In this written notice, the landlord must provide the tenant with:
- The Name of the New Owner/Owners.
- The Address of the New Owner/Owners.
Different rules may apply if a property has been foreclosed on, so you should seek legal counsel if your property has been foreclosed on or if you are buying a foreclosure to determine the appropriate actions.