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Re: New Property with Tenants
by Katiekate (New York)
on April 20, 2016 @08:47
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Most of what you need to do is going to happen between you and seller.
You must get from seller....a copy of the lease. The full amount of the damage deposit. The full amount of a pet deposit. A complete, signed copy of the move in walk through
You need all that to protect yourself from the tenant that leaves months from now with a lot of damage. You need proof that tenant did the damage and the deposit.
If seller cannot provide the move in walk thru, you need to do a full inspection NOW and get the estimate of damage repair costs from the seller in closing. You will never recover those costs from the tenant if you cannot prove it wasn't pre-existing. You should not pay for the seller's failure to handle the business aspects before your purchase Do not accept this in escrow...you will play the devil getting sellers attorney to ever release any of the money later.
Once the lease is set to expire...give notice that you intend to raise the rent...do it with plenty of time to get a new lease signed.
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