My offer was accepted! - question about validating property information

[Nir]

Should I personally view original utility bills or just trust the summary of expenses shown in 1 page faxed to me by my real estatre agent? what is the norm? The reason I`m asking is my real estate agent told me she is not sure the executrix will be able to locate them.

Also, I received a fax saying "All are long term tenants. Always pay their rent on time. #1 and #2 pay by cash. #3 pays by cheque - has never been a problem." How can i verify something like that (that they always pay on time etc..)? Should I talk directly with the tenants or just put all my expectations in a new contract to be signed by the tenants? (I understand that money trunsfer is even better however they are all on disability and I am not sure this is an option(?) ) THANKS.

 

[DennisEpp]

Call the local utility company, they will verify a years average, give u the high and low months if they are not on a averaging plan. As for collecting rent, absolutely become the new landlord, you may not be able to do much till u have possession, then your rules as the new landlord can come in effect, remember you are the landlord and they are the tenants of the previous owner, you are assuming them only and unless they are on a lease long term. Month to month term u can pretty musch put in the new rules. If they receive a disability check (AISH) it can be direct deposited. The rules state though if they have any comprehension, they, the tenants have to agree to this in writing. Hope this helps

Dennis Epp

 

[mikecunning]

QUOTE (investmart @ Dec 14 2007, 09:20 PM) Should I personally view original utility bills or just trust the summary of expenses shown in 1 page faxed to me by my real estatre agent? what is the norm? The reason I`m asking is my real estate agent told me she is not sure the executrix will be able to locate them.

Also, I received a fax saying "All are long term tenants. Always pay their rent on time. #1 and #2 pay by cash. #3 pays by cheque - has never been a problem." How can i verify something like that (that they always pay on time etc..)? Should I talk directly with the tenants or just put all my expectations in a new contract to be signed by the tenants? (I understand that money trunsfer is even better however they are all on disability and I am not sure this is an option(?) ) THANKS.

A quick note about the utility company, depending on what you ask and who you ask they may not release any of the previous info. Sounds like an estate sale, so the chances of the decision maker actually having these documents is slim...however, I wonder where they got the summary from then, eh?

You can`t verify "never been a problem" and you can`t force the tenants to sign a new contract....you can ask (and sometimes bribe) but there is nothing requiring them to sign

 

[Nir]

Mike and Dennis, Thank you for sharing from your valuable experience, it definitely helps! Cheers.