Buying or Selling a Home/From Tenant to Home Owner

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Expert: - 6/27/2006


Question
Hi,

I am purchasing the house I am currently renting. Will the security deposit be returned during closing? If the closing date is mid-month, do I only pay half the rent due for that month? Or will the rent payment be prorated back to me during closing along with the security deposit?

Thanks so much!

Answer
Hi Anne,

Thank you for your question.

Sounds like you have your rules in order.

The security passes to the buyer, in this case you.

The rent will be prorated by the days of the month as you already have planned.

Congratulations on your purchase.

Hans

Buying or Selling a Home

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Volunteer

Hans Weber, Licensed Broker Associate

Expertise

I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?

Experience

Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.

Organizations
National Association of Realtors.
Westchester County Board of Realtors.

Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.

Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.

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