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When youre buying a piece of land in Texas, many times there will be a home on the property and it will be rented out to a renter. So, generally speaking, theres going to be a lease deposit associated with that lease. Well, what happens when the owner sells the property to you? We recently had this come up where we were purchasing a large piece of land and it had six rental properties on the land. At closing, the seller didnt think that he should have to transfer the lease deposits to us as the buyer because he didnt receive those from the seller, which was actually his fault when he purchased the property. Those should have been transferred to him. He was firm on this. He absolutely was not going to let the price be decreased for those lease deposits because he actually never gathered those from the seller when he purchased the property. Per the Texas Property Code Section 92.102, lease deposits must convey to the buyer because when those tenants le
