Agreed.  That's why a Buyer requires an estoppel letter from the

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Agreed. That's why a Buyer requires an estoppel letter from the tenant. If the estoppel letter indicates that the Landlord/Seller is holding a security deposit, the Buyer proceeds at its own risk by not getting the deposit transferred over at closing. Michael T. Lynott Greenberg Traurig, P.A. 1221 Brickell Avenue Miami, Florida 33131 Phone: (305) 579-0858 Fax: (305) 961-5858 Email: lynottm@gtlaw.com ________________________________ From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Greg Hass Sent: Thursday, June 10, 2010 11:50 AM To: RPPTL Landlord Tenant Committee Subject: Re: [RPPTL LandTen] Question for my residential colleagues Great question and I don't really know the answer having never researched it. However, I agree with Anthony about the slippery slope and because of the risk I would always caution a buyer against buying property with an existing lease without verifying the amount of the security deposit and getting it turned over at closing. Standard F of the FARBAR contract coupled with the optional Existing Tenant rider would give the buyer the ability to terminate the sales contract if the seller plays games with the deposit at closing. If buyer decides to close anyway I'd say they proceed at their own risk. They will need to cross their fingers and hope that the Mullendore Theatres case out of Washington state mentioned earlier will be persuasive in Florida. Greg Greg Hass, Senior Counsel Office of Law & Policy | FloridaRealtors(r) 7025 Augusta National Drive, Orlando, FL 32822 talk: 407.438.1400, ext. 2421 visit: http://www.floridarealtors.org All Aboard for the ultimate education destination: http://convention.floridarealtors.org LEGAL DISCLAIMER: The information transmitted is intended solely for the individual or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of or taking action in reliance upon this information by persons or entities other than the intended recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky Sent: Thursday, June 10, 2010 11:34 AM To: RPPTL Landlord Tenant Committee Subject: Re: [RPPTL LandTen] Question for my residential colleagues I agree with Mr. Drobner. Any other interpretation is a slippery slope...where do the new landlord's rights, duties and obligations to the tenant begin and end? In my opinion, if he assumed the lease, he's on the hook and his recourse would be, if any, against the prior owner. Regards, Anthony J. Horky, Esq. Mombach, Boyle & Hardin, P.A. 500 East Broward Boulevard Suite 1950 Broward Financial Centre Ft. Lauderdale, Florida 33394 Telephone: 954.467.2200 ext. 225 Facsimile: 954.467.2210 E-Mail: ahorky@mbhlawyer.com Website: www.mbhlawyer.com CONFIDENTIALITY NOTICE: Unless otherwise stated, the information in this email transmission is privileged and confidential. 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IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be sued by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. ________________________________ From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Drobner, David S. Sent: Thursday, June 10, 2010 11:23 AM To: RPPTL Landlord Tenant Committee Subject: Re: [RPPTL LandTen] Question for my residential colleagues Why wouldn't the grantee be liable to fully perform under the Lease contract he assumed, including return of moneys (deposit) at end of term? He maybe then has a claim against the grantor for his loss in this regard unless the conveyance included releases? How can the grantee be relieved of a contract obligation of performance? ________________________________ From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of David Weisman Sent: Thursday, June 10, 2010 11:09 AM To: RPPTL Landlord Tenant Committee Subject: Re: [RPPTL LandTen] Question for my residential colleagues I think that the Grantee is not responsible for money he does not receive, either in cash or via a closing credit. The Tenant must look to the prior owner. No difference if a deed in lieu. David Weisman Board Certified Real Estate Lawyer Greenspoon Marder, P.A. Trade Center South, Suite 700 100 West Cypress Creek Road Ft. Lauderdale, FL 33309 Phone 954-491-1120 Toll Free 888-491-1120 Direct Phone 954-343-6941 Direct Fax 954-343-6942 From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Frank, Scott A. Sent: Thursday, June 10, 2010 10:37 AM To: RPPTL Landlord Tenant Committee Subject: [RPPTL LandTen] Question for my residential colleagues Question for my residential colleagues from this commercial fool. Grantor owns residential rental real estate with a security deposit and conveys the property to grantee. However, Grantor freely admits that it no longer holds the security deposit (spent it) and will not provide for a credit or other adjustment. 83.49 provides only that the grantor in this situation is released from liability only to the extent that it conveys the deposit - so they are not off the hook. But the statute does not reference what limitation, if any, the grantee has with respect to liability for the deposit. Is the Grantee then liable for the security deposit to the tenant, if the grantee did not in fact receive the deposit? And would your opinion change if this was a deed in lieu, with the possibility that the grantee may just foreclose anyway? Your guidance and wisdom is much appreciated. Thanks. Scott A Frank Attorney at Law ARNSTEIN & LEHR LLP www.arnstein.com <http://www.arnstein.com/> 515 North Flagler Drive Sixth Floor West Palm Beach, Florida 33401-4323 Phone: 561.833.9800 Fax: 561.655.5551 433 Plaza Real Suite 275 Boca Raton, Florida 33401-4323 Phone: 561.962.4145 Fax: 561.962.4245 SAFrank@arnstein.com <mailto:SAFrank@arnstein.com> Offices in Illinois, Florida, and Wisconsin This electronic mail transmission may contain confidential or privileged information. If you believe that you have received this message in error, please notify the sender by reply transmission and delete the message without copying or disclosing it. 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Questions . . . In connection with residential lease, do you need to file a UCC to perfect the interest? Statute 713.691 is silent as to filing of any UCC. Does this mean that it is perfected automatically? On commercial deals it seems that you do file a UCC to perfect the interest. A bit lost. I am also not clear as to the lien on personal property given that you have a NON-possessory right to the personal property? How do you enforce it, only after eviction? If you are able to walk me through this, please send email directly to me (contact below) as to not burden any one with my lack of knowledge in this specific scenario. Best regards, Gil O. Acevedo Robert Allen Law The Four Seasons Office Tower 1441 Brickell Avenue, Suite 1400 Miami, FL 33131 Tel. 305-372-3300, Ext. 19 Fax 305-379-7018 gacevedo@robertallenlaw.com<mailto:gacevedo@robertallenlaw.com> www.robertallenlaw.com