General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago on . Most recent reply
Previous Owner Didn't Collect Security Deposits..!
Hi all!
I'm working on closing a deal and there's two big things I need to handle!
1) The previous owner didn't collect security deposits from tenants that will be staying and signing a lease with me.
2) The previous owner has "verbal" leases with the current tenants so I have nothing in writing about their current agreements.
Any and all advice is welcome. Thanks!
Lili
Most Popular Reply
Nathan Gesner
Property Manager
Agent
Pro Member
- Real Estate Broker
- Cody, WY
- 41,363
- Votes |
- 28,236
- Posts
Easy, peasy. On the day of closing, hand all the tenants a notice of termination 30 days out (or whatever the law requires). Tell them they can submit to - and pass - your screening, pay the deposit, and pay fair market rent or they can move out.
- Nathan Gesner
The DIY Landlord Book
168 Reviews
4.7 stars