Congrats! You are almost a new owner in the City of Philadelphia. I bet you are excited to get started with your new ownership. That being said, there are a few things that I would consider and do once I become the owner. Luckily they are not too difficult. Some of the items below I would HIGHLY recommend receiving while under contract to verify things like zoning, violations, leases, etc.

1. Leases

Ideally this should be done very early on during your transaction. Typically with a tenant occupied addendum the Seller has 5 days to furnish you Lease Agreement and you have 5 days to review. Its really important that during this time you not only verify terms of the lease but you also ask the Seller for Proof of Payment. Most Agents don't do this, but I certainly do. Just because there is a lease, doesn't mean that the tenants are paying on time. Also you want to have those handy once you close so you know all of your terms with your future tenants. Some leases have clauses for transferring ownership at settlement, so you want to have that signed by you and the Seller at closing. Also if the owner took great care of the property, make sure to get the info of their Landscapers, handymen, etc. Established relationships are great and can ensure your property runs smoothly! 

2. Seller's Rental License/Property Certificate

A common issue that Buyers have in Phila, is that they buy a multi family property thinking its a duplex but it ends up being a Single Family Home. Don't trust the Listing or the Sellers word for it. Do a quick search on atlas.phila.gov and see what the permitting records say and if there are any active rental licenses. Most people get burned when they think they are buying a triplex but it is only a legal duplex. You don't want to be that guy. Many MF homes are in Single Family zoning overlays, meaning that those properties have a variance. That being said if their rental license has been expired for over 3 years or there was no history of it being used in the past as that type of multi family property, you could be buying a dud. Get a rental license from the Seller showing 3 rental units, and at the very least have them order an L&I certificate (this is standard) showing that it is a 3 unit property. This is applicable for all unit mixes. The L&I cert will also show you if there are any open violations. Make sure the seller clears them before you take ownership, otherwise they are your problems. 

3. Water

Water will be transferred to you after settlement. You will receive a bill to the address that you identified at closing, look out for that Bill

4. Trash

Trash will be transferred to you after settlement. You will receive a bill to the address that you identified at closing, look out for that Bill. it is now $500/year

If you are a Househacker, you can get this fee waived if you live in one of the units. https://www.phila.gov/2021-11-17-new-full-trash-fee-exemptio...

5. Rental License

Whether you are House Hacking or buying strictly as an investment, do not skip this step! You will be able to do this once you are the owner. Some have experienced issues getting the license until their name shows up in public records. If you need more info on how to get your rental license you can use my guide here: https://www.phila.gov/2021-11-17-new-full-trash-fee-exemptio...

6. Landlord Cooperation Program

THIS IS REALLY IMPORTANT. Once you have your rental license you can sign up for this program. Gas through PGW is lienable to the property. Meaning if your tenant(s) stop paying gas, this bill can fall on you. If you sign up for this program, you will not be liable for any tenant debts. This issue can be a lot more common than you think! After you get your Rental License use this link to sign up to LCP: https://securelogin.pgworks.com/nidp/idff/sso?id=LCP&sid...

7. Homestead Tax Exemption

If you are a House Hacker its really important that you sign up for the Homestead Tax Exemption. By. simply being a owner occupant you can save up to $1399/year in taxes. Thats about $117/month. I have found that calling actually works. If the current owner was not registered, you likely can't get this savings until 2026, but apply right away because there is a deadline. Use this link for more info: https://securelogin.pgworks.com/nidp/idff/sso?id=LCP&sid...

While this list is comprehensive there are many more things to consider. I hope this helps you to a smooth transition as an owner of your new Home/investment in Philadelphia!

Reach out to me anytime if you have any questions!