                                 CODE OF VIRGINIA

TRANSFER OF DEPOSITS UPON PURCHASE (§ 55.1-1213)

The current owner of 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 § 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.

HISTORY: 1984, c. 281, § 55-507; 2017, cc. 63, 402; 2019, c. 712.