purchased with exsisting tenants.

[Michelle Marty]

I finally bought a multi family building! It's a good step but I am pretty confused and hoping for some guidance. I have never purchased a property with a tenant in it until now. I bought a building of 4 townhouses. All rented. At closing the seller was not there. I asked for keys, the title company didn't have them. I asked for updated copies of leases/tenant information as at least one of the units has a new tenant the title company didn't have that either. I also asked if I were supposed to get the deposits and prorated rent (the building closed on the 10th and rents were collected on the 1st) and have been told by everyone 'I don't know' so mainly my questions are 1. Am I entitled to prorated rents? 2. Am I supposed to get the deposits? The seller is on vacation until Monday and has so far been very helpful and cooperative I want to make sure I'm entitled to these things before I ask for them.

[Ibrahim Hughes]

Yes you are entitled to all of the above. I'm surprised you closed without (a) getting the keys, (b) the opportunity to review and approve the lease, credit profile, employment and financial status of the new tenant and (c) the 20 days of rent you are owed.

Did you close with an attorney? I would not have closed until the seller came back from vacation. What's done is done. I would make sure I received all of these asap!