Apr
06
On a commercial lease, if the landlord releases you from the lease is the security deposit returned?
By
I just sold my business and the new tenant took over. I was never in default of rent. The new tenant just signed a lease and their first payment is right after my last payment. No break in between. The landlord released me from my lease which had two years to go. But still holds security deposit.
Sell and Rent Back
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2 Comments
August 2nd, 2009 at 5:37 am
The deposit usually is kept if there are any issues such as not keeping up the place or not paying rent. Your lease may have said something about early termination, in which case the landlord could keep your deposit. It does not matter at all in your situation if the building is already rented again.
August 5th, 2009 at 4:39 am
When you had the discussion, you should have brought up your deposit. Since the owner didn’t lose any rent, you should have your deposit returned and the new owner should put up his own. If you didn’t discuss it, and you ended your lease early, you may lose it.