General question about inheriting tenants

[David Baye]

I'm  looking at purchasing a property with existing tenants.  How do I know they are good tenants paying on time?  I'm looking in Alberta Canada.  I will do the google thing but I was wondering if I could glean some ideas from this forum?  Thanks again for everything everyone.

[Theresa Harris]

Ask for a copy of the lease and confirm with the tenants that the details are correct. Talk to your realtor to find out if having a notarized copy of the lease would help. You will also want to ensure their security deposit is transferred to you at closing.  You will have to do an inspection when you close to note the condition of the unit. Any damage that exists, you can't assume it was the current tenants and you won't be able to charge them for it. So doing an inspection at closing gives you a benchmark for the condition of the property.