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Updated over 4 years ago,
Inheriting tenants without security deposits
Hi all, I’m a brand new BP pro and am excited to be closing on a triplex in a few days. I am in DD and will be inheriting tenants for the first time. I found out that the seller did not require the tenants to pay a security deposit despite having a lease in place. As I always have required this for my tenants is it ok to add this requirement to the tenants’ existing lease agreement that will be transferred to me? Would appreciate any advice on approaching this issue. Thanks in advance.