My offer was accepted on a duplex and I recently asked for the current rental agreement for the current tenants. There seems to be red flags all over the place and I will not enter in the actual contract or send any DD money until/unless this is resolved but since this my first time land-lording & buying a property I am here to find out what I can do while I am still able to negotiate a few things. Yes, I know I'd have to honor the existing agreement but if the owner wants to sale I am asking for them to tweak it and get the tenants to agree. Here are the details.
- A very sketchy looking agreement. A year lease at that. I know an owner can write up their contract in anyway they like and this one looks like they threw it together just because I asked to see it. I also really think the owner knows the tenants personally but I could be wrong. The agreement has to be the longer traditional forms we are used to seeing but I's rather have one because it includes provisions that protect both the landlord (me) and the tenants. I am going to ask them to have the tenants sign one.
- A business entity is listed as the tenant. Not even sure where to go with this lol.
- Application. I am going to ask to see one but I am willing bet there isn't one. This limits my ability to see if they are employed, any information on prior rental history, criminal history etc.
I planned to ask the owner to get them to sign a month to month and tell them that my intention is not to put them out after each month (which it isn't) but in case things go bad I do not want to endure it for a year. I also want actual names on the agreement of ppl who will live there and will be responsible for the rental.
I know they can tell me to kick rocks and not give me ish' but they seem really motivated to sell so what else can I ask for to vet the current tenants, get more information on them or something to make this a little more secure for me?
