Updated over 5 years ago on . Most recent reply
Rental Security Deposit
Hey BP - I am getting ready to close on my first property, it is a 4 unit and is fully occupied. I am wondering how to go about dealing with the current tenants security deposits. When purchasing a property with tenants already in place, do you guys speak with the seller asking them what they collected for a security deposit? I appreciate the help!
Most Popular Reply
You want copies of written contracts showing what was paid with regards to security deposits. Some people also get estoppel certificates signed by tenants attesting to what was done. That way they'd have a hard time claiming something different later