While purchasing multi-family property, at what stage lease agreements are updated?

[Hardik Joshi]

I am in process of buying one property and wanted to understand how lease agreements are transferred (or have owner name updated). Does escrow handle that along with holding rents/deposits etc? or it need to be clearly outlined in the purchase agreement?

[Bjorn Ahlblad]

Congrats on the property @Hardik Joshi! Deposits and advance rents are supposed to be paid at closing-make sure you get the from the seller. On the day after closing you can meet the tenants in person or send them payment instructions for rents. Take the existing leases and insert your name or LLC name as the new land lord and have them initial. Don't change lease terms except for your name and your payment instructions. All the best!