Legal FAQ's
Landlord/Tenant
Q: My brokerage firm does a lot of residential property management. Recently, an owner whose property we manage informed me that she was terminating our residential property management agreement. She also informed me that she had entered into a property management agreement with another broker and that this broker would now be handling the rental and management of the property. The owner has directed me to transfer the security deposit we are holding pursuant to the existing rental agreement (the tenant is still occupying the dwelling) to this broker. Do we need to obtain the tenant’s permission before transferring the security deposit?
A: No. Section 83.49(7) of the Residential Landlord and Tenant Act provides, in part, that upon a change in the “designated rental agent” the security deposit “shall be transferred to the new . . . agent.” Therefore, you are not required to obtain the tenant’s permission before transferring the security deposit as directed by the owner.
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