Inheriting Tenant on Moldly Environment - What are my options?

Question

Hi BPs,

I'm getting an MF with a tenant in a space that's clearly moldy (black spots on wall, and confirmed a nice mold cake in the crawlspace below).

I requested vacant possession, but it may not work out that way.  Their repose is that there is a lease expiring next year.  I think this is very strange, the owner may not want to deal with removing the tenant.

I rather deal with the mold right away and I am very concerned with legal issues arising from the mold.   This is Chicago and I have to accept the lease with the building.

I have  spare place where I could relocate him, but his lease is way below market value and I rather get him out.

I will try cash for keys and see if he is receptive.  However, I am curious to see if you have any suggestions,

Thanks,

UPDATE:

Any good mold remediation references are greatly appreciated.

Frank S. · Answer

I'll have the Seller give it a try first.  I will indicate that I need vacant possession or the deal is over. Inspection is scheduled on Thursday, so I really don't "know" if there is mold. I am not a mold guy. Worse case, I am out of inspection and attorney costs, and a very upset agent.

Rich Baer · Answer

@Frank Sanchez

You are correct to worrying about walking into a lawsuit. If it is a great property that you must have, try the cash for keys approach but you may need to make it an offer he can't refuse. I once had a client in a similar situation. He took the tenant around to various apartments and, once he found one he liked near his job, he paid his security deposit and first 6 months rent up front. It was well worth it to my client as he did well with the purchased property. Good luck. Let me know how it turns out.

Rich Baer, Attorney