{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1405.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1405.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1405.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1405.html"}],"law_id":76834,"edition_id":1,"section_id":76834,"structure_id":14156,"section_number":"55.1-1405","catch_line":"Transfer of deposits upon purchase","history":"1984, c. 281, \u00a7 55-507; 2017, cc. 63, 402; 2019, c. 712.","full_text":"The current owner of nonresidential rental property shall transfer any security deposits and any accrued interest on the deposits in his possession to the new owner at the time of the transfer of the rental property. If the current owner has entered into a written property management agreement with a managing agent in accordance with the provisions of subsection E of \u00a7 54.1-2135, the current owner shall give written notice to the managing agent requesting payment of such security deposits to the current owner prior to settlement with the new owner. Upon receipt of the written notice, the managing agent shall transfer the security deposits to the current owner and provide written notice to each tenant that his security deposit has been transferred to the new owner in accordance with this section.","order_by":null,"text":{"0":{"id":275840,"text":"The current owner of nonresidential rental property shall transfer any security deposits and any accrued interest on the deposits in his possession to the new owner at the time of the transfer of the rental property. If the current owner has entered into a written property management agreement with a managing agent in accordance with the provisions of subsection E of \u00a7 54.1-2135, the current owner shall give written notice to the managing agent requesting payment of such security deposits to the current owner prior to settlement with the new owner. Upon receipt of the written notice, the managing agent shall transfer the security deposits to the current owner and provide written notice to each tenant that his security deposit has been transferred to the new owner in accordance with this section.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14156,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":14155,"metadata":{},"date_created":"2026-06-26 03:47:04","date_modified":"2026-06-26 03:47:04","permalink":{"id":246273,"object_type":"structure","relational_id":14156,"identifier":"1","token":"55.1\/III\/14\/1","url":"\/55.1\/III\/14\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14155,"edition_id":1,"name":"Nonresidential Tenancies","identifier":"14","label":"chapter","depth":3,"order_by":1,"parent_id":13073,"metadata":{},"date_created":"2026-06-26 03:47:04","date_modified":"2026-06-26 03:47:04","permalink":{"id":246271,"object_type":"structure","relational_id":14155,"identifier":"14","token":"55.1\/III\/14","url":"\/55.1\/III\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13073,"edition_id":1,"name":"Rental Conveyances","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:14","date_modified":"2026-06-26 03:44:14","permalink":{"id":245883,"object_type":"structure","relational_id":13073,"identifier":"III","token":"55.1\/III","url":"\/55.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":75454,"structure_id":14156,"section_number":"55.1-1400","catch_line":"Applicability; right to terminate tenant","url":"\/55.1-1400\/","token":"55.1\/III\/14\/1\/55.1-1400","metadata":false},{"id":76083,"structure_id":14156,"section_number":"55.1-1401","catch_line":"Appointment of resident agent by nonresident property owner; service of process, etc., on such agent or on Secretary of the Commonwealth","url":"\/55.1-1401\/","token":"55.1\/III\/14\/1\/55.1-1401","metadata":false},{"id":66512,"structure_id":14156,"section_number":"55.1-1402","catch_line":"Apportionment on purchase of part of land by holder of rent","url":"\/55.1-1402\/","token":"55.1\/III\/14\/1\/55.1-1402","metadata":false},{"id":55315,"structure_id":14156,"section_number":"55.1-1403","catch_line":"Perfection of lien or interest in leases, rents, and profits","url":"\/55.1-1403\/","token":"55.1\/III\/14\/1\/55.1-1403","metadata":false},{"id":74794,"structure_id":14156,"section_number":"55.1-1404","catch_line":"Energy submetering, energy allocation equipment, sewer and water submetering equipment, ratio utility billings systems; local government fees","url":"\/55.1-1404\/","token":"55.1\/III\/14\/1\/55.1-1404","metadata":false},{"id":76834,"structure_id":14156,"section_number":"55.1-1405","catch_line":"Transfer of deposits upon purchase","url":"\/55.1-1405\/","token":"55.1\/III\/14\/1\/55.1-1405","metadata":false}],"previous_section":{"id":74794,"structure_id":14156,"section_number":"55.1-1404","catch_line":"Energy submetering, energy allocation equipment, sewer and water submetering equipment, ratio utility billings systems; local government fees","url":"\/55.1-1404\/","token":"55.1\/III\/14\/1\/55.1-1404","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1405\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 281 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2017, chapters 63<\/a> and 402<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":[{"id":58678,"section_number":"54.1-2135","catch_line":"Licensees engaged to manage real estate","order_by":null,"url":"\/54.1-2135\/"}],"permalink":{"id":246295,"object_type":"law","relational_id":76834,"identifier":"55.1-1405","token":"55.1\/III\/14\/1\/55.1-1405","url":"\/55.1-1405\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1405\/","token":"55.1\/III\/14\/1\/55.1-1405","dublin_core":{"Title":"Transfer of deposits upon purchase","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1405","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The current owner of nonresidential rental property shall transfer any security deposits and any accrued interest on the deposits in his possession<\/span> to the new owner at the time of the transfer of the rental property. If the current owner has entered into a written property management agreement with a managing agent in accordance with the provisions of subsection E of \u00a7 54.1-2135<\/a>, the current owner shall give written notice to the managing agent requesting payment of such security deposits to the current owner prior to settlement<\/span> with the new owner. Upon receipt of the written notice, the managing agent shall transfer the security deposits to the current owner and provide written notice to each tenant that his security deposit has been transferred to the new owner in accordance with this section.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRANSFER OF DEPOSITS UPON PURCHASE (\u00a7 55.1-1405)\n\nThe current owner of nonresidential rental property shall transfer any security\ndeposits and any accrued interest on the deposits in his possession to the new\nowner at the time of the transfer of the rental property. If the current owner\nhas entered into a written property management agreement with a managing agent\nin accordance with the provisions of subsection E of \u00a7 54.1-2135, the current\nowner shall give written notice to the managing agent requesting payment of such\nsecurity deposits to the current owner prior to settlement with the new owner.\nUpon receipt of the written notice, the managing agent shall transfer the\nsecurity deposits to the current owner and provide written notice to each tenant\nthat his security deposit has been transferred to the new owner in accordance\nwith this section.\n\nHISTORY: 1984, c. 281, \u00a7 55-507; 2017, cc. 63, 402; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}