Property manager gave rent checks to previous owner!
I recently purchased a commercial retail building which closed on 12/31/2012. It was a normal purchase using my broker and a standard AIR contract. I kept the original property manager to manage the building.
My february rent check came in at half of the january rent. When I asked why, the property manager said the tenant was behind on rent before the sale and the tenant finally made the payments.
My question is when you buy a property, do you automatically buy the accounts receivables? Or is it okay for the property to give the rent checks due before the sale to the previous owner?