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Updated about 1 year ago,

User Stats

19
Posts
2
Votes
Divya Sosa
Pro Member
  • New to Real Estate
  • Atlanta GA
2
Votes |
19
Posts

Sale of rental property - Pro rated rent for the following month

Divya Sosa
Pro Member
  • New to Real Estate
  • Atlanta GA
Posted

Hello, 

I had a rental property in greater Chattanooga TN area  which I got listed for sale back in Aug 2023. Offer was accepted and a closing date was finalized on a date in last week of October 2023. Property was managed by a professional management company. Tenant lease was expiring on Nov 14, 2023. And then the new owner themselves were going to move into the property. Tenants were notified 60 days prior for this already. 

Property sale was completed and fully closed on agreed upon date of last week of Oct. So I no longer own the property from that day onwards. The prorated rent for Oct 2023 after the closing date was deducted from my sale proceeding and is reflected on closing statement as such. 

Then today I get a call from the property management company saying I need to pay them pro rated rent for Nov (for Nov 1-Nov 14). I am not sure why I come into this picture. (1) I have no ownership of the property, (2) The Nov rent does not come to me and as such no deposits are made into my account. So what makes me liable to pay back the pro rated rent for Nov? Makes no sense to me. This sounds like I need to pay out of pocket for this so called Nov pro rated rent. 

Does this sound strange to anyone else? Thanks

  • Divya Sosa
  • Loading replies...