Application for in-place Tenants?

[Kimberly Ashkenazi]

Hello BPers!

I recently acquired a triplex with tenants in place.  All of the tenants have lived there for 3+ years and none of them has a written lease.  I want to enter a lease with them, but I'd also like to ask them to fill out an application form so I have this information too.  Can I ask the tenants to fill out an application if they are already living in the property?

Thank you!

[Aaron Montague]

You can.  But bear in mind you are are obligated to the current leases if you close with the tenants in place.

Estopel letters are your friend for inherited tenants.  If you are looking for more information, request it of the seller.  If they balk, it might be a good sign to get the place vacant.  

I'd also ask to see proof of rents paid.  You want to make sure any delinquent tenant is out of the building BEFORE you close.  Make it the seller's problem to get rid of them.