Hi guys,

sorry if its a stupid question...

Ive never bought anything with a tenant in it before, so not sure how to make a transition for the rent collection?

I am supposed to close on a property in the end of this month , so how do I get the rent on June 1st?

Should I ask the title company to have it withdrawn from the sales of the property ?

Or just hope that the seller will give me the rents he collected after the closing?

I cant probably send a note to tenants yet because the sale has not happened yet, right?

The closing was supposed to happen much earlier so I did not expect there would be so little time to get this rent collection transition going...

If you have any ideas on what is the process should be can you please share with me? Because I, myself, obviously not handling it properly...

@Mary Jay

Timing is important.  I try to close in the middle of the month to avoid this issue.  

You can try to hold money at closing until funds are received. Receive a credit from seller for rent assuming rent will be paid to them. At closing you should receive an estoppel certificate. This acknowledges the tenant is aware of the sale or at lease an existing lease is in place. In some situations the document is signed and prepared by the seller, other times the tenant has signed it.

At closing at least in my state you are provided an estoppel certificate to deliver to the tenant identifying you are the new owner. When I conduct my walk through the day of closing I leave a document indicating I will be in contact and it informs them where rents are to be sent.  If electronic I will take a check the first month to give me time to get in place the documents for electronic rent payments. 

Good Luck.

@Mary Jay you should receive a pro rated amount of the rents at the closing. If you close on the 1st of June, you should receive 100% of the COLLECTED rents. You would technically be owed the full months rent, but if the current owner doesn't collect anything then you would just go to the tenants with your hand out. If they don't pay within your state's time period/the time period defined by the current lease, begin eviction proceedings as necessary. 

Thank you so much you guys!