Pennsylvania - accept or reject leases in an acquisition?

[John Volpe]

We just put a property under agreement. It's a triplex.  All units are currently rented, however, I just received the leases from the seller and there were no security deposits or last month's rents collected.  Do I have to accept these leases or do I have the right to reject them.  Anyone know?

[Matt A.]

Be VERY careful. I bought a triplex in January and while the seller DID have security & last months, he sure as heck didnt disclose the eviction proceeding against one tenant last November. I had to "repeat" that on Febuary 2nd with a tenant - got a judgement and advance rent, but the guy is still someone that would never have met our qualifications.

If you decide to keep the deal, Id insist the SELLER make good on an amount equal to 1 months security for all tenants (a small concession), that's just me. I would also strongly suggest that you google "PA judicial portal", and look up each of your prospective tenants in both the county court database AND magisterial links as well (check surrounding counties on magisterial courts. If you find one of your "soon to be inherited" tenants in there with landlord issues, insist the seller terminate the lease prior to closing - its a nightmare you dont want to go through (trust me on this... its a complete waste of resources). I went so far as giving the derelict tenant the option to leave in the next 4 months with 30 days notice... heck, Ill even pay for a uhaul to get him out!

Good luck