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.

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Terms Used In Virginia Code 55.1-1213

  • Managing agent: means the person authorized by the landlord to act as the property manager on behalf of the landlord pursuant to the written property management agreement. See Virginia Code 55.1-1200
  • Notice: means notice given in writing by either regular mail or hand delivery, with the sender retaining sufficient proof of having given such notice in the form of a certificate of service confirming such mailing prepared by the sender. See Virginia Code 55.1-1200
  • Owner: means one or more persons or entities, jointly or severally, including a mortgagee in possession, in whom is vested:

    1. See Virginia Code 55.1-1200

  • Security deposit: means any refundable deposit of money that is furnished by a tenant to a landlord to secure the performance of the terms and conditions of a rental agreement, as a security for damages to the leased premises, or as a pet deposit. See Virginia Code 55.1-1200
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Tenant: means a person entitled only under the terms of a rental agreement to occupy a dwelling unit to the exclusion of others and includes a roomer. See Virginia Code 55.1-1200
  • Written notice: means notice given in accordance with § Virginia Code 55.1-1200

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

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