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Security deposit

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Marysantoro

New member
We live in Missouri.
My Husband and I have rented a house since January of 2012. When we signed our lease agreement, we gave a $700 security deposit.
We are now in the process of buying the house we rent. Are we entitled to get the security deposit back?
 


Zigner

Senior Member, Non-Attorney
We live in Missouri.
My Husband and I have rented a house since January of 2012. When we signed our lease agreement, we gave a $700 security deposit.
We are now in the process of buying the house we rent. Are we entitled to get the security deposit back?
Yes, either get it back, or have it credited towards the purchase price.
 

Stephen1

Member
I'm thinking about timing. When would the landlord (seller) be obligated to refund the deposit? I'm thinking it would be x days (whatever Missouri's time limit is) after he is no longer your landlord. He is your landlord through closing on the property.
 

FarmerJ

Senior Member
This deposit doesn't vanish , The LL must refund it so if you have not closed as of yet then insist it be treated as a credit in the sale to you and if the LL refuses and your going to carry thru then as soon as the closing is done tell the LL you wont have a problem suing for the deposit since he is still obligated to follow thru with your staters law for deposits ( once you have closed he has no claim against you for your deposit funds as to damages to the property because there is no way he can fix so called damage and the time to fix supposed damage would have been while he still owned the property)
 

adjusterjack

Senior Member
We live in Missouri.
My Husband and I have rented a house since January of 2012. When we signed our lease agreement, we gave a $700 security deposit.
We are now in the process of buying the house we rent. Are we entitled to get the security deposit back?
This should have been, or should be, addressed in your purchase contract. You do have a contract, don't you? And using a title company? Having a title search? Getting a buyer's title policy? And doing whatever due diligence a home buyer should do? Perhaps having an attorney assist you so you don't make a costly mistake.
 
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