A property I manage is getting sold - pro rate pymt to the PM?

Question

What are your thoughts on pro-rating a payment to the property manager of a property that gets sold? Nothing in the contract mentions this.

Nicholas Cook · Answer

@Peter T., If the fee is based on a percentage of rent it should be prorated, if it is flat, you should pay the full amount.

Deanna McCormick · Answer

Are you the seller the owner of the property ?,, if so I'd have an attorney look over the contract you have as to what your notice period is required for cancellation

OR

ARE you the tenant, is your rent due in full on the 1st of the month ?

Usually rents that are paid to the original owner / Seller are collected prior to closing, the closer has a document Assumption and Assignment of leases,, this assigns your lease to new owner, and rents are prorated between buyer and seller at closing if it's mid month.. a debit to seller, a credit to buyer, and security deposits with interest are credited to buyer at closing.

So don't withhold rent, or you could be filed on for eviction action, and or charged late fees.