Updated over 5 years ago on . Most recent reply
Under Contract - Current owner has no leases
I have a triplex under contract right now and 2 of the units are occupied. The current owner cannot provide leases for the current tenants. I asked for some kind of proof of payment and he didnt provid that either. I want to know what the rents are, and the lender needs the leases as well. I also sent an estoppel agreement to my agent and asked her to get the tenants to sign that. All of these are so far unsuccessful.
My suspicion is that the tenants are not paying rent which is why he is selling. With the current pandemic and eviction restrictions, what advice do you have for this situation?
The property is in Texas but it is not local for me its about a 4 hour drive away.
Most Popular Reply
No leases, no proof of rents (rent rolls), no estoppel certificate....no deal.