Florida · Landlord and tenantFlorida tenant security deposits when a rental property is sold

Buying or selling a tenant-occupied home in Florida brings the security deposits along. Under Florida Statutes §83.49(7), on the sale or transfer of title of rental property, all security deposits and advance rents held for the tenants must be transferred to the new owner, together with any earned interest and an accurate accounting showing the amount to be credited to each tenant's account. Once the funds and records are transferred and the seller gets a written receipt, the seller is free of the duty to hold that money. The new owner is presumed to have received the deposit from the previous owner – a rebuttable presumption limited to one month's rent. The transfer doesn't excuse violations while the seller held the deposits. The rest of §83.49 explains what the buyer inherits: deposits must sit in a separate Florida bank account (non-interest-bearing, or interest-bearing with at least 75% of the account's average rate or 5% simple interest paid to the tenant), or be covered by a surety bond; landlords with five or more units must give tenants written notice of where deposits are held within 30 days and again within 30 days of any change; interest owed is paid or credited at least once a year; and at move-out the deposit must be returned within 15 days, or a certified-mail or permitted e-mail notice of a claim sent within 30 days.