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Updated almost 9 years ago on . Most recent reply

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3
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Jessica M.
  • Cleveland, OH
0
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3
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Buying property with tenants who never signed a lease...

Jessica M.
  • Cleveland, OH
Posted

Hello!  I am in the process of buying a triplex that is 100% occupied.  None of the tenants had to put down a deposit or sign a lease (one tenant has been there 25+ years.)  Thanks to this site I found that we need the tenants to sign an Estoppel  agreement, but I'm afraid I may be missing something else.  I was also wondering if I am allowed to raise their rent and require a deposit since there are no current leases on file?  They are all paying well below market value for the rental units.

Thanks so much!!

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