Rental Property Investor · Honolulu, HI · Member since 2018 · 335 posts · 251 votes
I'm attempting to purchase a property with a tenant already in place. The plan is to purchase the property this month. However, the purchase agreement that my agent wrote up has "The possession of the Property shall be delivered to the Buyer on or before 1/31/2020". She said this is standard language in the purchase agreement when there is a lease already in place. I plan to honor the lease, but would like the lease transfered over to me, along with the security deposit and any contract with the Property Management Company. Does this verbage sound correct, or should it be worded differently? Trying to protect myself also against the seller extending the lease or changing the terms such as the monthly amount, etc. Thanks in advance!!
I'm attempting to purchase a property with a tenant already in place. The plan is to purchase the property this month. However, the purchase agreement that my agent wrote up has "The possession of the Property shall be delivered to the Buyer on or before 1/31/2020". She said this is standard language in the purchase agreement when there is a lease already in place. I plan to honor the lease, but would like the lease transfered over to me, along with the security deposit and any contract with the Property Management Company. Does this verbage sound correct, or should it be worded differently? Trying to protect myself also against the seller extending the lease or changing the terms such as the monthly amount, etc. Thanks in advance!!
Aside from the deposit transfer question you might want to consider using an Estoppel Certificate or Letter. This link provides more info;