Closing question?
I am buying a condo and closing is this week. By the way, the condo is currently tenant populated paying 1150/monthly (lease is over in April 2008). I am planning on keeping the tenant and lift up the rent 1200/monthly.At Closing, should the seller confer me the tenant's security deposit and one month's rent?
Answers: The Seller should supply you the security deposit and here should be a rent adjustment from the day of closing until the later day of the rental spell.
IF the tenant sent in the rent ahead of time, that should be given to you also.
Your agent or loan rep should be capable of explain all the closing costs to your pleasure.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, to be precise my real closing name!
Every point prorates at the time of the closing. You should see the lease agreement and see the terms and conditions on the lease and especially the amount of rent, any credit rent and deposit taken from the tenant. The previous owner should give you the prorated rent (unused portion of the rent till the date of closing) and any credit money taken from the tenant. So, answer to your question is YES, you should attain all that from the Seller.
As far as the rent increase is concern, you newly cant increase the rent. You have to abide by the language and conditions of the lease. Yes at expiration of this lease, you have adjectives the rights to ask for higher rent or to fine-tuning any terms on the lease.
Here is somethings you should look for at closing beside a tenant occupied dwelling
1. An assignment of Lease (This assigns the seller rights in the lease contract over to you)
2. A verbs of any and all "deposits" the tenant have given to the seller (security deposit, rents rewarded in credit or any other deposits- check rental agreement to make sure you are transferred adjectives deposit money)
3. Current rent will be prorated as of closing and credited to you.
As you indicated, you may raise the rent when the lease expires, but please trade name sure to check the lease to find out if you need to provide the tenant beside advance sense of the increase or if the lease provides for renewal at the same rate of rent per month.
What are the benefits of purchasing a HUD home.?
Answers: the price
Price, testing your patience and the ability to work on your construction skills.
Real estate interview?
If I close on a townhouse in March that have a rental lease until July 31, what abilities do I own to renegotiate the lease? If I want to end their lease contained by May, do I have the wherewithal to do that?Answers: The lease is part of the townhouse,, simply like the fridge. This have to be disclosed on possession date. You bought an income property.
Some leases are breakable, upon amend of ownership. but not normally. If the element was up for mart, more than likely in that is a clause in the lease for tweaking of ownership.
You can sweeten the pot, by paying the renters to move early, and supply back their deposits. As the deposit is lone valid for the time you own the unit, not for defile done prior to your buying the unit.
Ahh h heck who know LOL
Depends on how the rental contract is worded, not worded, and what laws protect renters within your state and town.
Call an attorney to find out.
NO. YOu can try, but they dont have to agree. You might hold to pay them to sweeten the promise.
Try getting the current owner to negotiate this so its in place when you close.
The tenant do not have to agree to it, they hold tenants rights to verbs with the previous lease, which you enjoy to honor as the new owner. You can ask, but if they don't want to renegotiate their lease, they don't own to.
If they are good tenant, for three months of whatever change you want, I wouldn't go nearby.