We are in contract on a multi family. We removed all contingencies. The seller kept on delaying providing a lease. 3 days before close, we found that some units don’t have leases at all. I don’t want to close in this situation. Can we back out and get our deposit?
@Akshat Nanda what are your concerns here? The tenants are likely on a de facto month to month lease, which you should get tenant estoppel for. You would then write new leases when you close, it is definitely a speed bump but if the property is otherwise a good deal I wouldn't abandon it for that reason.
Thanks Aaron. What I found was that one of people living in the unit never had a lease. He was living there with a previous tenant. That tenant left but this person never did and never signed a lease - I am worried about him
Per RPA seller has 7 days to provide leases and buyer has 17 days to approve