This has happened several times when the tenant refuses to acknowledge that the last month's rent cannot be paid with the security deposit.

Most likely you'll need a clean contract or at least a release and acknowledgement between the seller and buyer. :)

There's usually more upside here is the seller is willing to acknowledge the property's disrepair. 

You have acknowledged your target demographic.

By signing you acknowledge receipt of a copy of this Agreement which was properly completed and which was read before execution.I also attach a very detailed room-by-room inspection report that is filled out prior to execution of the lease.

Frankly, the tenant has not acknowledged that the PM has the authority to change the administrator of the lease...Our contract with the PM is also fairly silent on the topic.

________________________________________________________________________BuyerSeller________________________________________________________________________BuyerSellerYou also want to get the following documents signed:-Limited POA-Due on sale acknowledgement-Sub to change of address -Escrow and refund authorizationWe are not attorneys thus you may want to speak to counsel in your area to determine laws/regulations in your area relative to sub to.Let me know if you have any questions.Good luck.

I even had a meeting with him as well last spring to discuss the issues and he acknowledged them, made various excuses and said they would improve.

@Tom SmithIf you want answers about a verbal lease or verbal commitment without writing out the specifics, I would see the landlord eviction specialist attorney and not try to get advice on some forum.Please please please don't ever lease a property without a lease that's  been looked over by the an eviction attorney to protect your rights as a landlord, it might cost you three or $400 in legal fees, well worth it.There is no default lease that is legal in the state of Massachusetts if there's no written lease.Most judges will favor the tenant without a written lease.Tom I appreciate you being honest but you need to check this experience up to not properly getting legal advice before you lease a property.Once you do get a strong lease that's been looked over by Massachusetts attorney, the next step is an acknowledgment page from the tenant knowing that they have to give you 30 days notice before vacating, and if there's any damage it will be taken out of their security deposit,  and their security deposit will be mailed to them within seven business days or so after they leave it in the same condition they found itLive and learn :)

Nothing negative to say about the King, however you must acknowledge first that he is a business man!!