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Updated over 7 years ago on . Most recent reply

User Stats

324
Posts
157
Votes
Dylan B.
  • Investor / Real Estate Agent
  • Oklahoma City, OK
157
Votes |
324
Posts

Purchasing duplexes with current tenants

Dylan B.
  • Investor / Real Estate Agent
  • Oklahoma City, OK
Posted

Hello all, 

This is the first time I have purchased property with tenants currently living in the property. 

I am purchasing 2 duplexes and 3 out of the 4 units are currently rented out.  I know I have to honor their current leases however, the current owner has told me 2 of the 3 tenants will not be receiving their deposits back because they broke the terms of their leases.  

Personally I don't want one of the tenants because they broke their lease by getting a pet, when their current lease states, "No Pets" and the current owner has had several issues with the renter.  

Is there a way I can get rid of this renter when I take ownership without having to file an eviction? 

I have already issued estoppel agreements for them to sign and for the owner to review, also the owner is going to get the renters who broke their lease to sign an acknowledgement that they will not receive their deposit back. 

Can anyone else who has similar experiences shed some light into anything I am missing and also suggestions on what I should do? 

Most Popular Reply

User Stats

691
Posts
610
Votes
Samantha Klein
  • Investor
  • Monroe, WI
610
Votes |
691
Posts
Samantha Klein
  • Investor
  • Monroe, WI
Replied

The deposits should be transfered at closing. Under absolutely no circumstances does the seller get to keep them especially when you'll be the one turning the units when they move. Tell him you get the deposits or he can sell to someone else.

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