General Landlording & Rental Properties

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Wendy Busa
  • Madison, WI
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Property under contract recvd lease not signed no rent rolls

Wendy Busa
  • Madison, WI
Posted Jan 18 2022, 18:47

I have my first property under contract, it is a duplex. I just received the leases, if you could call them that. They are not signed. When inquiring about credit checks and background checks, I was told none were done because these are their friends. It gets worse, no rent rolls, supposedly the one tenant, paying the $1200 has prepaid months in advance. Another red flag. 

Plus the current tenants have dogs, but there is not a security deposit for that. 

I am getting my inspection tomorrow, if that goes well, I am set to close the end of February. The leases expired end of May. 

When my realtor asked about contingencies, I mentioned one for rent roll, but she just ignored it and I did not press the issue, so now what?

I will reach out to a lawyer tomorrow, but would appreciate any input. 

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