CONS OF BUYING A PROPERTY WITH TENANTS ON A LEASE?

[Rob Menzies]

I'm interested in buying a property but the owner has tenants on a lease through the end of June. The timing is actually perfect for when I want to take possession. Anyone have any do's or don't's when it comes to this situation?

[Cassie Montalvo]

The seller should provide you with a copy of the lease. You should ask for proof of payment history for the last six months. You need to confirm the lease with the tenant as well (and have them sign off) - pay special attention to the advance payments section. At closing, make sure the seller gives you any deposits as well as the prorated monthly rent payment for however much you’re already into the current month.