Newbie question for landlords

[Reba Vera]

Hi BP community,

I have a question for landlords buying properties with tenants.

If you buy a property that comes with tenants, do you typically see the lease in contract before you close escrow?

I am due to close on a rental property next week but have yet to see the lease the tenants have signed with the seller and now I have to comply with. I have reached out to the property manager and seller and seems like they are not willing to disclose. Am I in my right to see it before I close escrow?

I would love your thoughts. Thanks in advance

- Reba

[Bill B.]

You should never close without...

A) seeing the leases.

B) what is usually called an estoppel: A form signed by the tennant confirming with the tenants that they are currently conforming with that lease. (There are no discounts for cleaning, no waiving of late fees, when the rent is due, if they are current, and how much is being held as a security deposit (which you will also need to collect from seller) how much rent is and when the lease ends...)

How would you know the lease isn’t for $1/mo for 100 years?