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Shivam Patel
  • Investor
  • Boonton, NJ
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Tenant Transfer Process

Shivam Patel
  • Investor
  • Boonton, NJ
Posted Jan 17 2022, 15:04

I was wondering if you inherit tenants during a purchase of property, in a duplex. I am inheriting a tenant but wanted to make sure that the next months rent is transfered to me. Also I want to make sure the deposit of escrow account is transferred to me. Also I would like to keep the same terms until end of their lease where it would transition to a Property Manager's lease.

What is the process. I am closing in about a month but I want to make sure I do my due diligence. Also the landlord had a yearlong lease with them and not month to month and can't have the tenant transition out in time, but I don't want to lose out on the deal because of the tenant issue. I will be running my credit checks/screening and all that prior to new lease at the end of their term to qualify. But for now I just would like info on what I need during closing for the right paperwork indicating I'm the new landlord and have the deposit under my name, etc.

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