Inheriting tenants that don't have a deposit

Inheriting tenants that don't have a deposit

Investor · AR · Member since 2021 · 16 posts · 1 vote

I'm in the process of buying a duplex and I asked whether the current tenants have a security deposit. They said that they were credited a deposit when they bought it as a rental and that the title company will do the same. The other unit is a family member that they never took a deposit from. They are each on a month to month lease and I told my realtor I want them to get a deposit from that tenant before closing. And If their family member/tenant does not want to pay a deposit that they would have to handle evicting that tenant before closing. I feel that is reasonable as I don't want to inherit a tenant that I am left paying out of pocket to cover repair costs or pay for an eviction process. Am I going about this the right way or is there another way I should be handling this situation?

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  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    It is very rare to negotiate for deposits with tenants are are pre-existing at the property as they have already proven that they're good tenants who have earned their residency. I understand you're looking to secure yourself but that's an atypical scenario. 

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