Property under contract recvd lease not signed no rent rolls

[Wendy Busa]

I have my first property under contract, it is a duplex. I just received the leases, if you could call them that. They are not signed. When inquiring about credit checks and background checks, I was told none were done because these are their friends. It gets worse, no rent rolls, supposedly the one tenant, paying the $1200 has prepaid months in advance. Another red flag. 

Plus the current tenants have dogs, but there is not a security deposit for that. 

I am getting my inspection tomorrow, if that goes well, I am set to close the end of February. The leases expired end of May. 

When my realtor asked about contingencies, I mentioned one for rent roll, but she just ignored it and I did not press the issue, so now what?

I will reach out to a lawyer tomorrow, but would appreciate any input. 

[Scott M.]

This seems like a very hap hazard operation.  Not just on the seller side with no leases but with your agent not caring about your requests, if it played out like you have stated.

Don't fool yourself, you don't have leases.  You have a lease template.  If not signed, that is not a full executed nor legally binding lease.  It is simple a piece of paper(s).  

You are playing with fire and the moment you close this becomes your headache.  Personally, I would not spend money or time on an inspection.  The more you invest the more difficult it is for you to back out.  This is your first deal, you want to get it done.  

I would not move forward in today's world that makes eviction very complicated and time consuming with what you have said.  Only possible way would be if the units were delivered vacant.

Also beware of the seller signing a sweetheart deal with his bud's on the way out if you don't demand they be delivered vacant.