                                 CODE OF VIRGINIA

TRANSFER OF DEPOSITS UPON PURCHASE (§ 55.1-1405)

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 § 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.