Closed with tenant in place - haven’t received sec dep transfer

[Kimberly Fisher]

My son just closed on his 1st property - a duplex with tenant in one unit and he’s going to house hack the other unit.

We have 3 concerns:

1. The tenant’s security deposit hasn’t been transferred to him yet. In fact, no one (including his own realtor) has even mentioned it.

2. Closing was on 6/27, should prorated rent have been due to him? (This is minor, $85, but still points to the issue.)

3. The seller’s agent verbally informed us that the lease, which expires on 7/31, would (at our request) be renewed as month to month. Son was given a copy of the expiring lease, but has not seen the new one. Shouldn’t he have been given the most recent agreement? And, does that lease remain in effect until son presents a new one?
Note: I recently purchased my 1st SFR with tenant in place and all of these items were taken care of at closing and my realtor made sure they were completed. His realtor has done nothing.

[Theresa Harris]

Was the security deposit mentioned in the agreement?  Same with prorated rent-was it in the sales agreement?  His lawyer should have made sure all of this was done or they shouldn't have closed.

Whatever lease was in place when your son bought it, remains in effect until the expiration date.

The realtor and lawyer should handle these things, but it is also up to your son to make sure things are in place when buying a rental.  If he didn't ask, he's also at fault.