You Buy Real Estate With A Tenant Who Is Staying , Don't Forget About The Damage Deposit
Security & Pet Damage Deposits
You are buying real estate that has a tenant who shall remain upon completion (rental property or house with a basement suite), what about the damage deposit?
The purchaser becomes responsible for a tenant's security deposit or pet damage deposit, even though the deposits were being held in trust by the seller. The seller may wish to address the transfer of the deposit in the offer/contract or at time of closing.
Such monies are an important portion of the agreement to buy/sell tenanted real estate and your Realtor should clarify with you how you would like it dealt with. A simple clause on the addendum can make this very clear to everyone and remove the chances of any confusion or conflict.