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Updated over 9 years ago,

User Stats

29
Posts
9
Votes
Todd Michaels
  • Investor
  • Chicago, IL
9
Votes |
29
Posts

Buying a duplex with current tenants that will leave in 2 weeks...

Todd Michaels
  • Investor
  • Chicago, IL
Posted

Hello,

I am set to close on a duplex on June 16 with one vacant unit and one unit on a month-to-month lease.  We want to move back the closing date to June 30th at which time the tenants will be moving out, waiting to see if the sellers will move the date back so that the place is vacant.  If we do not move the date back and we have the tenants in place for the last 2 weeks, I just want to make sure I have everything in order as to what I should receive at or before closing.  Here is my list to my attorney:

1) we receive half of the final month rent

2) we receive the security deposit

3) we receive a copy of the signed lease from the current tenants

4) we receive documentation of the 30 day notification to the tenants

5) we receive a signed estoppel from the current tenants (is this a requirement?)

Anything else I am missing?  I have been in the unit currently rented and it is in decent shape, but I don't want to have people living for 2 weeks for free at my new place and have no recourse if they trash the place after closing.  We have no desire to renew their lease as we will be living in the unit they are in.

Thanks!