Inheriting a tenant, no lease, no security deposit

[Bill Lake]

Closing on my first househack. As is sale.

There is a tenant in one unit, who's been there for 12 years. Tenant remodeled the unit, has good relationships with the owner(seller) but was cought off guard by the sale of property.

He is planning to buy the next dwelling and asked for extension of his stay.

I, knowing little about possible issues, gave him a verbal agreement that he can stay until the end of June. Current lease and security deposit was requested but the seller's attorney says that it is month to month with no lease and no security deposit, they are offering an estoppel letter from the tenant. I am requesting 1 month rent as a security deposit and lease signed until 30 June. My agent and lawyer both are convincing me that I am making it bigger than it is. Will appreciate any advice. Thank you

it is. it is and that I should just take the tenant with estoppel letter. Will appreciate any advice.

Thank you