Alaska · AS 34.03.070Alaska tenant security deposits when you sell a rental

Alaska's Uniform Residential Landlord and Tenant Act makes the holder of the landlord's interest in the premises when a tenancy ends bound by the deposit rules (AS 34.03.070(f)) – after closing that's the buyer, so the deposits the seller holds are something to settle at closing. The rules the buyer inherits: prepaid rent and deposits may not exceed two months' rent – the statute says this section doesn't apply to units renting for more than $2,000 a month – plus up to one month's rent as a separate pet deposit (AS 34.03.070(a), (h)). Money is kept in a trust account at a bank, savings and loan or licensed escrow agent, accounted for tenant by tenant, and the tenant is told the terms for withholding (AS 34.03.070(c)). When the tenancy ends, the landlord mails an itemized notice with the refund within 14 days after the tenant delivers possession – 30 days when damages are deducted, or when the tenant didn't give proper notice of termination (AS 34.03.070(b), (g)). A landlord who wilfully fails to comply may owe up to twice the amount withheld (AS 34.03.070(d)).