So I am closing on a triplex this Friday. I would occupy one unit and inheriting two tenants. Per our purchase agreement with seller, there are no written leases, both month-to-month, and no security deposits.
What happens if either tenant claims they do have a security deposit after we close? Can I refer back to my purchase agreement with seller? Or do I need more protection than that?
How about other details that are usually stipulated in the lease (lease amount, back yard access, parking, etc.)? It just seems like everything is up in the air. I’m hesitant to spring an estoppel agreement on them as they won’t be used any paperwork at all, and don’t want them to stop paying with the eviction moratorium in place. I’d like to tread lightly in the beginning, at least.
After closing, how soon should I provide the tenants with a lease to sign? It would be month to month. They are well below market rates, but I do not want to increase until after eviction moratoriums have gone away.
First time landlord, so thanks to everyone in advance.
