Heritage Tenants in Duplex

[Sharon Williams]

I am currently working to purchase a duplex with existing tenants.  What kind of records should I request from the current owners regarding the tenants and leases.  Should I sign brand new leases?  I'd like to upgrade the property before refinancing it, but I wonder if I should disrupt the tenants to do so.  

This is my first purchase, so I don't know what I don't know. Thank you for any insight!

Sharon

[Sharon Rosendahl]

In my state, the law says that all deposits and prorated rent must transfer to me. That being said, I still put it in my offer to require all current leases be sent to me as part of the inspection process and that all prorated rent and deposits be given to me at closing. I also require an estoppel letter signed by tenant and seller outlining what their agreements are. I don't want to find out I didn't get someone's deposit or that someone claims they have a special deal later.