Under contract w/ Tenants in place…..Now what?!?

[Andres Piedra]

I've got a buyer for a condo I'm selling as a FSBO. Tenants are in-place already. Buyer is paying cash. I've got a few quick questions I hope have easy answers and would love your input.

1. Will the title company hold the EMD?
2. Tenants pay rent on the 15th of each month. Which closing date is best?
3. Regarding the lease: do the tenants have to sign a new lease w/ the new owner or is there some kind of addendum we write up that just transfers the landlord's name on the lease to the new owner?

I think that is about it! I'm excited! Thanks for any input you provide! I look forward to hearing from those with first-hand experience in this. Oh, the condo is in Virginia, by the way.