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Updated over 1 year ago on . Most recent reply

User Stats

10
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13
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Tasha Smith
  • Rental Property Investor
  • Champaign, IL
13
Votes |
10
Posts

Inheriting 2 leases for Duplex - Security deposit + Lease guidance

Tasha Smith
  • Rental Property Investor
  • Champaign, IL
Posted

Hi All! My husband and I had an offer accepted on our first duplex. They are currently occupied with tenants until March 2025 and we are in due diligence reviewing the leases. For the security deposits - since we will take over is the seller required to transfer those funds to us? If we notice something that isn't in the lease that we feel is important, can we add an addendum or if we agree to "as is" is that also the lease or just the property? If we want to make upgrades to the units while our tenants are in there and negotiate an increase in rent when the lease terminates - suggestions on an appropriate way to do that? Any advice or tips on taking over a lease would be greatly appreciated - specifically around questions to ask before close, mistakes, and best practices. Thank you!!

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