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Updated over 10 years ago, 10/02/2014
lease agreements in wholesaling multi-families
So, I have a 6 unit I am looking to wholesale. 5 units are rented and there are lease agreements - does anything need to be stated in the purchase and sales agreement that these leases are to be honored? or is it assumed? as well, what happens to the security/damage deposits? should that money be added to the sales price and the cash transferred to the new owner?
what is the best way to do this? in fact, it need not be with wholesaling, but any sort of multi-family purchase with existing tenants.
cheers!