Security deposit for current tenant?

[Michael Opper]

I’m getting ready to close on a house that has a current tenant that’s renting at a month-to-month. When I take possession of the house should I require the tenant to provide a security deposit even though they’ve already been living in the house for many years? Or just take over the month-to-month rent?

[Karl B.]

PRIOR TO CLOSING either get the security deposit from the owner or - if there is no security deposit - require the owner to get a security deposit from the current tenant and have it transferred to you at closing. Don't want until after the closing to do this.