Who Gets The Rent?

[Robert Shadley]

I am about to close on a Duplex that is fully occupied at this time.  I was hoping to close by the end of the month but the bank appraiser seems to be too busy to get it done.  Lets say I don't close until next week which will put us into next month,  who get the rent for that month.  If the tenets pay the current owner on August 1st and we don't close until the 3rd, I feel like I will be missing out on that months rent that should be mostly mine.  Any thoughts? (This is my first time buying a unit that is occupied)  

Thanks,

Rob

[Steve Babiak]

Rents are allocated according to whatever is in the purchase agreement. It could say seller gets the full month for the month of closing, it could say buyer gets the full month for the month of closing, or it could say that rents are pro-rated for the month of closing.