Taking over Tenants

[Richard Oswald]

Good Day BP Family!

Question, I plan on buying an attached 2 unit condo in NJ. Both units are occupied. 

What are important Documents and terms I should ask the current landlord for before i purchase the property?

[Andrew B.]

In addition to the above, get estoppel agreements from both tenant and seller. This ensures that no verbal agreements were made after lease signing. For example, maybe tenant couldn't pay rent one month and landlord agreed to use security deposit for rent. Without an estoppel, landlord can walk away without giving you the security deposit and then you get blindsided after taking ownership.