Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
New Jersey Real Estate Q&A Discussion Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

User Stats

28
Posts
11
Votes
Richard Singh
11
Votes |
28
Posts

About to close on property, seller's lied about rental contract

Richard Singh
Posted

Hey guys,

I've reached out previously on some reno related questions on what was up to this point a smooth process.

Recap: I'm buying a 2 family in Guttenberg with an existing Section 8 tenant that was presented as month to month. Goal was to submit 60 day notice. 

Update: I found out the week of closing after finally getting a lease agreement from the housing authority that the tenant is actually on a year lease ending in February. The tenant is paying about $800 under market value, and slows down my plans for renovation. My realtor's firm represents both buyer and seller. When asked for a lease, the seller's lawyer and realtor dragged it on and only sent HAP voucher details, but never a lease. We continued to ask but it was not presented, and somehow it just got skipped over and we went on their word. I clearly see my mistake in due diligence, but I give myself a pass since I assume this was my realtor's or lawyer responsibility to advise me here. 

So my question is, where did I go wrong? Who's responsibility was it to confirm lease? What should I expect from a lawyer and realtor?


I've lost a-lot of trust in my realtor and their firm - and also my lawyer - but I do know at the end it's my responsibility. Would love to hear your opinions for future deals.

Loading replies...