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Buying property with tenants who never signed a lease...
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!!