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When buying any real estate, there is a long list of issues that must be considered. When buying rental properties, issues related to existing tenants should be near the top of the list. Existing tenants in investment property can be either assets or liabilities. Whenever you buy the tenants with the real estate, protect yourself by covering certain issues in the purchase contract.
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First, the contract should require an estoppel certificate from each existing tenant. Basically, an estoppel certificate is a document that requires the tenant to confirm such issues as the correct rent amount, the date to which rent has been paid, the current amount of the tenant’s security deposit, and that the attached lease agreement documents are the only lease documents relevant to the current tenancy.
Second, the contract should require that legal possession of vacant units be verified to the degree possible. This is usually most easily done by requiring copies of the most recent documentation related to the vacant units, specifically, any written notices from the ex-tenant regarding intent to terminate tenancy or, better yet, a move-out checklist signed by the ex-tenant.
Third, the contract should require that the seller provide good readable copies of all lease documentation – including amendments, required lead law disclosures, move-in checklists, and rent payment records – immediately following acceptance of the offer, with the originals of all documents signed by tenants to be turned over at close of escrow.
Fourth, the contract must provide that any deposits held by the seller at time of closing will be credited to you at close of escrow, including those of previous tenants not yet returned or for which accounting regarding amounts not returned has not been provided.
Finally, although its use is hopefully never required, the contract should include warranties and indemnities from the seller regarding claims from both previous applicants and tenants and claims by continuing tenants arising from pre-closing issues that were not disclosed to the buyer.
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