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Updated 7 months ago,
Repair responsibility when buying a tenanted property
I would like to get some insights from those of you who've been through buying a tenanted property. We just did the inspection and there's about $800 repairs (not wear and tear) that would be tenant's responsibility. The seller says I can just deduct the repair cost from the tenant security deposit. To me, this is using security deposit to pay for repairs DURING a lease (because the tenants aren't moving any time soon). I believe the seller should settle these repairs with the tenant now, and hand me the full amount of security deposit at closing. I don't want to start the landloring with a tenant dispute about those repairs. What are your thoughts? How did you or would you navigate through this?