Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago on . Most recent reply

Account Closed
  • Los Angeles, CA
13
Votes |
40
Posts

Am I Entitled or NOT?

Account Closed
  • Los Angeles, CA
Posted

I am purchasing a multi unit here in Las Vegas, and we set to close on the 23rd of this month and well there has been a sticking point as of today. 

It is so small in nature and I am confident it will not change the outcome of this transaction, but I still need to know who is Entitled to the money! 


Here are the facts - 

The current owner signed a lease with a laundry company for the laundry room in Mid April for 60 months. 

The services from the laundry company are to start the beginning of August (2 weeks away)

I am currently in escrow for this property and set to close the 23rd of this month. 

The laundry company advance paid the current owner 1200 dollars for the lease and contract. 

My question to you who is entitled to the $1200?

Me because I am carrying the lease, and It lease date does not even start until after I am the owner of the property. 

Or the seller because he signed the contract in the first place and there for is entitled to the money? 

The exact terminology on the contract that was signed by the seller -  "Lessee to pay lessor a one time only payment of additional rent in the amount of one thousand two hundred dollars ($1,200.00) within 30 days after Lessee's Home Office approval of this lease."

I tried to be as unbiased as possible in my description of the situation and would appreciate any and all feedback. 

Loading replies...