By your state law, you might not be able to break the existing l

If possible, get the current deposit from the owner. It is not legal to stop the payment for rent even the owner is in short sale unless old owner agrees that will be the new deposit.You do not want to get in the middle. Not sure that bank will agree for a month of  delay either.If you do not get the deposit, acoording to CA law, you will be responsible for the deposit. your state may be different.Sign a new contract if you can get all three parties agreed on the term.