Didn’t get a complete estoppel agreement

[Britt Placek]

Needing some expertise! Just bought our first place with inherited tenants. We got a very small estoppel agreement with the confirmed rent amount and that there was no deposit on a one pager. We have no information /background check/income/credit etc. from the seller. The yearly lease expires at the end of the month and we need to conduct a meeting on renewal.

How do we proceed for a renewal? Do we/and should we also require a they fill out a background check and credit check (and ask them to pay for it) even though it’s a renewal? TIA!

[Britt Placek]

Quote from @Bill B.:

No deposit listed? What’s the plan when the tenant ask for their $10k cash deposit back? How much deposit do the seller transfer to you at closing? I’d at least confirm that amount with the tenant. 

When the lease expires, of the tenant and the rent are acceptable you give them your new lease with plenty of notice and the option to renew. The existing lease could violate laws that were passed since it was written. 

 The agreement stated $0 deposit. Awesome thank you.