what happens with the security deposit from tenants when contract with property manager gets cancel?

If i cancell a contract with a property management who is holding a security and cleaning deposit from tenants. Does the property manager gives the money to the tenants or to the landlord since there is not a new property manager getting involved?
Thanks!
  • July 29 2013 - Las Vegas
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Answers (2)

Depends on why it's cancelled, but if it was cancelled due to a property sale, the PM may have to pay it to the title company who holds the closing to transfer it to the new owner. That is most common.

 

  • October 25 2013
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It "should be" transferred to the landlord and held in a separate account with proper ledgers to show the money is accounted for because ultimately it is the landlords responsibility for those funds and they just delegate it to a property manager.
  • July 29 2013
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