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Updated over 3 years ago on . Most recent reply

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Cong Vu
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Is this a normal request from seller?

Cong Vu
Posted

This is my first rental property so obviously I am a newbie and just starting out. I appreciate all the inputs from you all.

I am buying this property which has a tenant in it. The owner sent me a lease agreement which was signed about 8 years ago and the lease is month-to-month basis. However, it does not spell out in the lease and it is per the seller's words. I want to have the tenant sign the estoppel agreement to verify the validity of the seller's claims but the seller adamantly doesn't want me to talk to the tenant at all. He requested that all questions direct to the listing agent and he doesn't want either me or my agent to talk to the tenant. 

Is this normal? should I go ahead with the deal? what should I do to protect myself? 

Thank you in advance!

 

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Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
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Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
Replied

Tenant says no we’e paying half that much in rent. Don’t forget I get a check for half my rent back when I move out. It’s month to month but the rent can’t be raised until I move out and I get a year’s notice. I’ll want my $10,000 security deposit back as well. 

You absolutely need every term and specification spelled out. 

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