Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago on .

What to do with Tenant's Deposit Money upon Closing.
I am closing on my second buy and hold rental property next week. The property already has Tenant's in place and their current lease is good through October 2016. My question is how do I handle getting the deposit money from the seller currently into my possession when I close on the house. I already am getting $1750 in closing cost form the seller and the bank I am using for my loan will only allow 3% of purchase price towards closing from the seller. The 3% rule does not allow enough room for the deposit to be included as a credit at closing. Looking to see what some options may be for me to get the deposit money transferred from the seller to me at closing. Thanks in advance.