Documentation before or at closing?

5 Replies

We are closing on our first duplex. There is currently a tenant in one of the units. The current owner stated that it is a month to month verbal contract. I have asked for an esstopal letter as well as a written statement from current owner outlining the verbal contract. I have also asked for an inventory list of thing that come with the duplex,i.e stove, refrigerator ect..

I am also going to try and convert the month to month into a 12 month contract. I would like to schedule an appointment with current tenant to do a walk though and introduce myself. Is there anything else that I should request?

Thank you in advanced for your input.

Rob

Also try and get a copy of the current owners inventory checklist for the unit that is currently occupied. So if the tenant does decide to move out in a few months you will at least know what the condition of the unit was prior to renting to the tenant incase damages are more than normal wear and tear.

You will never win a suit for damages based on what the old owner told you. Get a video of its condition now. If possible you might have the tenant sign a letter saying they acknowledge you own the appliances and the lease terms. Especially anything about security deposit. Do it prior to close.

Originally posted by @Ned Carey :
You are already ahead of what most would do. Make sure the estopel letter mentions who pays utilities and how much security deposit. You should get the security deposit at closing.

Thank you, I have spent many nights reading countless books.

Originally posted by @Jerry W. :
You will never win a suit for damages based on what the old owner told you. Get a video of its condition now. If possible you might have the tenant sign a letter saying they acknowledge you own the appliances and the lease terms. Especially anything about security deposit. Do it prior to close.

Thank you for your response. Hopefully I can do that when I meet with the current occupent .

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