General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
What happens to pet fee on transfer?
I'm getting ready to close on a property where there are two different units where nonrefundable pet fees were charged. I have no idea how the seller/PM company is going to try to address this on the HUD (if at all) but can think of 3 ways it could be handled.
1. Seller keeps the pet fee
2. Buyer gets the pet fee
3. Pet fee is prorated between buyer/seller based on portion of lease completed
I think 2 makes the most sense seeing as the buyer will ultimately have to deal with any damages/problems from the pets. 3 also seems reasonable since seller had potentially higher liability while owning building. But I have a feeling the seller will opt for 1 and I'll have to provide some rational reason as to why it needs to be 2 or 3. Any suggestions or am I off base in thinking a pet fee should transfer with the property?
If anybody has bought/sold property where pet fees were part of the lease how it is normally handled?