Inheriting Tenants - What Should I Ask For From Seller?

[Drew Gedemer]

Hey All!

I just got an offer accepted on a duplex.  I know that typically people recommend asking the seller to move the tenants out, but with other circumstances, it didn't work out that way on this deal.  With the tenants already in place, what should I be asking for from the seller?  I'm trying to put together a checklist, but figured I'd ask the community, as I'm sure I'm missing something.

Now:  Leases, contact information about the tenants, pay stubs from the tenants (maybe?).

At Closing:  Security Deposits

Thanks in advance!

[Nathan Gesner]

I'm not on my computer and unable to share details but I recommend an estoppel letter or estoppel agreement. Use the search bar and you'll find more information. Search Google and you'll find a ton of free examples.

The estoppel is a form used to collect basic information about the landlord and tenant agreement, signed by all parties so there's no confusion over what you are purchasing. It will include things like tenant contact information, rent rate, deposit, any additional verbal or written agreements between the seller and tenants, etc. This prevents a tenant from coming back 3 months down the road and claiming they paid a double deposit or that the landlord offered them a rent reduction or to paint the bedrooms.