Skip to content
ClosingCodeClosingCode
ENES

Oklahoma · 41 O.S. §115Oklahoma tenant security deposits when selling a rental: transfer with notice, or return

Oklahoma landlords keep tenant damage or security deposits in an escrow account at a federally insured institution in the state (41 O.S. §115(A)). When the landlord's interest ends – by sale, assignment, death, bankruptcy, receivership or otherwise – the person holding the deposits, at its option or by court order, must within a reasonable time either transfer them to the landlord's successor and notify the tenants in writing of the transfer and of the buyer's name and address, or return the deposits to the tenants (§115(C)). A buyer that receives transferred deposits has all the rights and obligations of a landlord holding them (§115(D)).

The rules

  1. 1. Escrow (§115(A))

    Deposits held in an escrow account at a federally insured Oklahoma institution.

  2. 2. On a sale (§115(C))

    Transfer to the buyer with written notice to tenants, or return to tenants.

  3. 3. Buyer (§115(D))

    Takes on a landlord's rights and obligations for transferred deposits.

What the TC can do

  • Get the rent roll and deposit amounts from the seller before closing.
  • Credit the transferred deposits to the buyer on the closing statement.
  • Keep a copy of the seller's written notice to each tenant with the buyer's name and address.

Questions about Oklahoma deposits on a sale

What happens to tenant deposits when an Oklahoma rental is sold?

They're transferred to the buyer with written notice to the tenants of the buyer's name and address, or returned to the tenants, within a reasonable time (41 O.S. §115(C)).

Who owes the deposit after an Oklahoma sale?

A buyer that received transferred deposits has all the rights and obligations of a landlord holding them (§115(D)).

Related guides

Add a task in ClosingCode for the deposit transfer and tenant notices, with an owner and a due date.

Start free trial

Source: Oklahoma Statutes Title 41 §115 (oklegislature.gov, read October 26, 2026).

General information, not legal advice. ClosingCode is software; it is not a law firm or brokerage. This guide is not a substitute for the advice or services of an attorney.