Property Management Information

[Drew Nagda]

Hey all, I'm in the process of buying a property that is occupied by 2 different families - one in the main house, and one in a converted garage. After agreeing on the purchase price with the homeowner (who lives out of the area), they put a counter in the offer that I couldn't get the name and information of the property management company until *after* escrow closes. Is that normal, or does that wave a red flag? I want to make sure the tenants get their deposits back in addition to a sum to leave the property in 30 days. This will not be a rental property but a rehab and flip. It seemed like a very odd note to add in the counter offer, and was wondering if anyone else had experience dealing with this. Thanks in advance.

[Robert Gilstrap]

Very unusual. Why would the PM info matter to them?  As long as you can get in contact with the existing tenants during your due diligence period you should be good. Get estoppel letters from them verifying their rent amounts, the remaining terms on their leases (assuming they even have leases) and any security deposits being held. 

Remember, if they have leases then you can't force them out just because you purchased; leases run with the land so you are bound just like the previous owner. With no leases then you just give notice.