Transfer of Tenant's Security Deposit with Sale of Raleigh Homes

If the Landlord who collected the Tenant's security deposit transfers ownership of his Raleigh homes to someone else during the term of your lease, he must either refund your security deposit to you (after making any allowable deductions), or transfer your deposit to the new Owner (after making any allowable deductions) and notify you in writing of the new Owner's name and address.  In either case, your deposit must be refunded or notice given to you of the new Owner's name and address within thirty days of the transfer.  Likewise, if you have paid your security deposit to a Raleigh Property Management Company and the agent discontinues managing the property during the term of your lease, the Raleigh Property Manager must either transfer your deposit to the Landlord/Owner or, with the Owner's permission, transfer your deposit to the new manager.  In either case, the agent to whom you paid your security deposit must notify you of the new location of your deposit and, if your deposit is being transferred to the owner, advise the Landlord of his or her responsibilities to you under the Tenant Security Deposit Act.