Updated over 9 years ago on . Most recent reply

Best way to get pro-rated rents & deposits?
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.