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When buying any real estate, there is a long list of issues that must be considered. When buying rental properties, issues related to existing tenants should be near the top of the list. Existing tenants in investment property can be either assets or liabilities. Whenever you buy the tenants with the real estate, protect yourself by covering certain issues in the purchase contract.
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First, you want to avoid the possibility of post-closing claims from continuing tenants regarding rents, deposits, or lease-related agreements that were not disclosed to you by the seller. A lease transfers with transfer of property ownership, so any claim of a previous tenant against the seller can be valid against the buyer.
Second, you should understand that you may not be immune from claims regarding money or possession by a previous tenant even if you have closed escrow on the purchase of a property claimed to have vacancies. The fact that a unit is vacant at the time of final inspection does not guarantee that the seller (and subsequently the buyer) has legal possession of the premises.
Third, lease terms can affect the current and future value of the property and could severely affect any plans for personal use of the property.
Fourth, the contract must provide that any deposits held by the seller at time of closing will be credited to you at close of escrow, including those of previous tenants not yet returned or for which accounting regarding amounts not returned has not been provided.
Finally, although its use is hopefully never required, the contract should include warranties and indemnities from the seller regarding claims from both previous applicants and tenants and claims by continuing tenants arising from pre-closing issues that were not disclosed to the buyer.