Originally posted by @Jonathan Mulkey:
I'm a new investor based in Chattanooga, TN. I just closed on my first rental property and it is tenant occupied. I'm in the process of setting up the new lease agreement and I want to keep the terms the same as the previous owner. They have been there for 2 months already and they paid the security deposit and this month's rent to the previous owner. What is the best way to update the lease agreement and should I ask the previous owner to transfer the funds for the security deposit and pro-rated rent for this month?
Great Questions!!
I typically ask for the following.
Seller to provide all leases to buyer within 7 days of binding agreement date.
Seller to provide all security deposits to buyer on closing date.
Seller to provide any prorated rents to buyer on closing date.
Seller to order and provide a clear termite letter with receipt during the buyer's inspection period.
You can get even more specific as well like seller owned appliances at no value etc.
If you don't ask don't expect to get those it is not automatic. I see agents making this mistake all the time. Could cost you hundreds $$$.
Happy to help if you ever need it. I am local and work with several investors.
