Do I have to refund a tenant's security deposit?

You are not obligated to refund the security deposit. The tenants can pursue collection of the security deposit from the prior owner, in small claims court. 

Often it can be easier to offer a cash-for-keys incentive, to negotiate a move out date (typically faster than waiting the 90 days). This allows them the funds to move, since it may take time for them to get their deposit back from the prior owner.

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