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.
1984, c. 281, § 55-507; 2017, cc. 63, 402; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 12 - Virginia Residential Landlord and Tenant Act
§ 55.1-1201. Applicability of chapter; local authority
§ 55.1-1203. Application; deposit, fee, and additional information
§ 55.1-1205. Prepaid rent; maintenance of escrow account
§ 55.1-1206. Landlord may obtain certain insurance for tenant
§ 55.1-1207. Effect of unsigned or undelivered rental agreement
§ 55.1-1208. Prohibited provisions in rental agreements
§ 55.1-1208.1. Rental agreements; child care
§ 55.1-1209. Confidentiality of tenant records
§ 55.1-1210. Landlord and tenant remedies for abuse of access
§ 55.1-1213. Transfer of deposits upon purchase
§ 55.1-1214. Inspection of dwelling unit; report
§ 55.1-1215. Disclosure of mold in dwelling units
§ 55.1-1216. Disclosure of sale of premises
§ 55.1-1218. Required disclosures for properties with defective drywall; remedy for nondisclosure
§ 55.1-1220. Landlord to maintain fit premises
§ 55.1-1221. Landlord to provide locks and peepholes
§ 55.1-1222. Access of tenant to cable, satellite, and other television facilities
§ 55.1-1223. Notice to tenants for insecticide or pesticide use
§ 55.1-1224. Limitation of liability
§ 55.1-1225. Tenancy at will; effect of notice of change of terms or provisions of tenancy
§ 55.1-1226. Security deposits
§ 55.1-1227. Tenant to maintain dwelling unit
§ 55.1-1228. Rules and regulations
§ 55.1-1230. Access following entry of certain court orders
§ 55.1-1231. Relocation of tenant where mold remediation needs to be performed in the dwelling unit
§ 55.1-1232. Use and occupancy by tenant
§ 55.1-1233. Tenant to surrender possession of dwelling unit
§ 55.1-1234. Noncompliance by landlord
§ 55.1-1235. Early termination of rental agreement by military personnel
§ 55.1-1237. Notice to tenant in event of foreclosure
§ 55.1-1238. Failure to deliver possession
§ 55.1-1239. Wrongful failure to supply an essential service
§ 55.1-1240. Fire or casualty damage
§ 55.1-1241. Landlord's noncompliance as defense to action for possession for nonpayment of rent
§ 55.1-1242. Rent escrow required for continuance of tenant's case
§ 55.1-1244. Tenant's assertion; rent escrow
§ 55.1-1244.1. Tenant's remedy by repair
§ 55.1-1246. Barring guest or invitee of a tenant
§ 55.1-1247. Sheriffs authorized to serve certain notices; fee for service
§ 55.1-1248. Remedy by repair, etc.; emergencies
§ 55.1-1249. Remedies for absence, nonuse, and abandonment
§ 55.1-1250. Landlord's acceptance of rent with reservation; tenant's right of redemption
§ 55.1-1251. Remedy after termination
§ 55.1-1252. Recovery of possession limited
§ 55.1-1253. Periodic tenancy; holdover remedies
§ 55.1-1254. Disposal of property abandoned by tenants
§ 55.1-1256. Disposal of property of deceased tenants
§ 55.1-1257. Who may recover rent or possession
§ 55.1-1258. Retaliatory conduct prohibited
§ 55.1-1259. Actions to enforce chapter
§ 55.1-1261. (Expires July 1, 2024) Eviction Diversion Pilot Program; administration