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Updated over 7 years ago on . Most recent reply

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Shaun R.
  • Real Estate Agent
  • Denham Springs, LA
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Reviewing lease on a purchase with a tenant in place

Shaun R.
  • Real Estate Agent
  • Denham Springs, LA
Posted

I submitted an offer on a rental property last night that already has a tenant in place.  This morning the question hit me... should I have included in the offer that I get to review the lease of the current tenant, or is it standard practice that you should be able to review a lease that is in place?  I would assume it's standard practice, but I don't have any experience with this.

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Kim Meredith Hampton
  • Real Estate Broker
  • St Petersburg
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Kim Meredith Hampton
  • Real Estate Broker
  • St Petersburg
Replied

Shaun,

I would send a separate email that you would like a copy of the lease agreement during due diligence, and you will also want an estoppel letter from the tenant confirming that the information provided (lease) is true and correct

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Engel & Völkers | St. Pete
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