Buying Multi-Family without lease agreements??

2 Replies

A seller is telling me that they do not have copies of the lease agreement in place for a duplex. The owner said they are bad at paperwork and both tenants are month-to-month. What should be included in our purchase agreement? I don’t want to find out about a long term agreement after purchase. Thanks!!

You can have your attorney request for estoppels, which is a letter signed by each tenant, acknowledging the rental amount and a month to month lease.  It is very common for tenants to have an original lease, then if they stay beyond their lease, a conversion to a MTM tenancy.

Thanks Brian!  Is there anything I could get signed by seller instead of tenants?  An affidavit stating there are no lease agreements in place, perhaps?