Previous Owner Didn't Collect Security Deposits..!

[Lili Thompson]

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

[Nathan Gesner]

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.