Best way to get pro-rated rents & deposits?

Question

When purchasing a rental property that is currently rented, what is the best way to make sure you get your pro-rated rents and deposits?  I thought it was something done in escrow but according to my lender, there was a regulation change back in October and that is no longer the case.  He said that those items are now interpreted as kick backs and that is not allowed on a loan.

I'm closing on my first multifamily tomorrow and I'm waiting on the seller to send to me the rents, and for their PM to send my PM the deposits.  I just feel uneasy about having to rely on these people to send me items after the property has been transferred and closed.

Sean O'Gorman · Answer

@Ryan Moore, the regulation I believe they are referring to is TRID and I don't believe TRID (TILA RESPA Intergrated Disclosure Rule) prevents them from putting the security deposits and pro-rated rents on the CD (Closing Disclosure), I think the problem is they don't want to put them in because they are technically transferring outside of the loan (i.e. meaning it is not a condition of financing). If that is the case, then you may just be stuck with waiting to sign until they transfer the funds. However, I can't stress enough that you should wait until their transferred before signing.

Ryan Moore · Answer

@Sean O'Gorman

They are not in there.  My lender claims there is not an option to put them into the closing document as of some regulation that passed in October.

Sean O'Gorman · Answer

@Ryan Moore, are they not showing up as adjustments on your CD/HUD-1? Word of advice don't close without them.