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Forums » Selling Real Estate » Selling a property/rent collected

Selling a property/rent collected Subscribe to Selling a property/rent collected

6 posts by 6 users

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Wade G


Forum_avatar_avatar-wade75

Feb 15 '10, 07:23 PM

When selling a rental property, is it usual/customary to reimburse the buyer the portion of the rent for the rest of the month after closing? For instance, if closing were held today, 2/16, would I need to reimburse buyer 12 days of rent that was already collected at the first of the month? What has been your experience?

Edited: 06/26/2010 at 11:40AM


Uwe S.

Real Estate Investor · Chemnitz, Saxonia


Forum_avatar_avatar-alag

Feb 15 '10, 08:10 PM

Yes that should be fair. Best is closing is first of month.

-Uwe

Edited: 06/26/2010 at 11:40AM


Joshua Dorkin

BiggerPockets Founder · Denver, Colorado


Forum_avatar_avatar-biggerpo

Donor Pro

Feb 15 '10, 09:40 PM

Yes Wade, that's typically how it is done.

Edited: 06/26/2010 at 11:40AM

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Rob Barney

Hard Money Lender · Dallas, Texas


Forum_avatar_avatar-dhlchardmoney

Feb 15 '10, 09:45 PM

Great question! The Golden Rule applies to Real Estate as well. Treat others as you wish to be treated. The only reason you might not pro-rate the rents is if it corresponds to a mortgage payment you have already made and you are not selling for much if any profit. In that scenario I believe it is acceptable to not share a pro-rated amount of rent. Everything is negotiable and should be detailed in the contract. As Ewe states.. these types of transactions are best done on the 1st or 30th of the month so it is not an issue.

Edited: 06/26/2010 at 11:40AM by Rob Barney


Bill Gulley

Real Estate Investor · Springfield, Missouri


Forum_avatar_avatar-financexaminer

Feb 15 '10, 10:43 PM

Hi, look at it this way. You accepted funds to convey to your tenant a lease hold interest in the property you own for a period of time. If you do not own the property can you legally provide that interest? If you can no longer convey that interest to the tenant do you think you are entitled to keep funds for something you can not provide? Pre-paid rents go to the owner. Deposits are unearned amounts that should be in conveyed in cash, it's still the tenants money held in trust by the landlord to cover items or events that may occur in the future. Your closing agent will explain what is customary in your area. Good Luck, Bill

Edited: 06/26/2010 at 11:40AM by Bill Gulley


JR McGee


Forum_avatar_avatar-jrmcgee

Feb 16 '10, 04:24 AM

It is among good practice and good business to reimburse your clients. This is why I try to record most sales at the beginning or end of the month so you don't have to worry about refunding money or changing rent. You would rather have your clients be pleased with you and use your name as a referral later than you swindle them out of a small sum of money. Hope your sale goes well. Good luck!

JR McGee

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Edited: 06/26/2010 at 11:40AM by Moderator : link in signature, please




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