When a new landlord buys a rental property, all existing oral or written leases are still valid. They cannot kick anyone out without proper notice just because they are the new owner. They also cannot force tenants to sign a new lease, pay a different rent, or otherwise change the terms of the lease.

The new owner must tell the tenants in writing that they are the new landlord. 

The old landlord must give the new landlord:

• Copies of all leases
• Security deposits with interest, if interest is required to be given
• Records of rent payments and
• All other documentation about the tenants

Both new and old landlords are responsible for the tenant's security deposit. If a tenant moves out of the unit, the new landlord cannot claim they do not have to pay the deposit. This is true even if the new landlord did not get the tenant’s security deposit from the old landlord. If neither landlord pays the security deposit when due, the tenant has the option of suing either landlord or both but can only recover the deposit from one of them.