A week of gap in leases?

[Amanda G.]

If all goes well, I will close on a property on 2/23. The property already has tenants, who I am going to screen, and (hopefully) keep. I will get their rental applications later this week. Should I get leases in place with them before I close? That doesn't seem legal. How do I handle the gap between closing and 3/1, when I would collect a first month's rent from them?

[Brett K.]

Amanda,

Are they month-to-month now?  I'm assuming that's a yes.  

You get paid on the terms of the existing leases.  If it says you get paid on the 1st of the month then that will still be the case after you close just notify the tenants where the checks go.  

Once you have a property under contract you have a legal interest in it.  So it's not outlandish to try to put new leases in place prior to close however it's very unusual.   

If it was important to you it should have been negotiated prior to finalizing the terms of the contract.