Closing in 2 Days, No Last Month Rent Deposited

[Nir]

Hi,

Closing is in 2 days. I met my lawyer today and based on the information he has from the other lawyer/seller, most of the tenants in the plex did NOT provide/deposit last month rent. As they are long term tenants I will probably not have the option to ask them to deposit the last month rent now.

I wanted to ask is this common or suspicious? Should I call the tenant to confirm or just accept it?

Thanks,
Neil

 

[Thomas Beyer]

QUOTE (investmart @ Nov 4 2008, 06:08 PM) Hi,

Closing is in 2 days. I met my lawyer today and based on the information he has from the other lawyer/seller, most of the tenants in the plex did NOT provide/deposit last month rent. As they are long term tenants I will probably not have the option to ask them to deposit the last month rent now.

I wanted to ask is this common or suspicious? Should I call the tenant to confirm or just accept it?

Thanks,
Neil
usually you should get an estoppel certificate showing what rents they pay, their security deposit, their name, when their last rent increase was ..

Why is LAST month`s rent of concern to you ? It wasn`t your property then ! It is the seller`s problem ! However, you may have a bunch of problems at hand .. and if they don`t pay the new guy, get ready for "tough love landlording" i.e. persuasion, sweet talk and evictions !

 

[JohnS]

QUOTE (thomasbeyer2000 @ Nov 5 2008, 01:51 AM) usually you should get an estoppel certificate showing what rents they pay, their security deposit, their name, when their last rent increase was ..

Why is LAST month`s rent of concern to you ? It wasn`t your property then ! It is the seller`s problem ! However, you may have a bunch of problems at hand .. and if they don`t pay the new guy, get ready for "tough love landlording" i.e. persuasion, sweet talk and evictions !


Umm...I think you misinterpreted this, Thomas. I think he means the property is in Ontario, where we can`t get a security deposit ahead of time, but can only get first and last months` rent. And the previous owner didn`t get the last months` rent from all the tenants.

Or, you were right, and I misinterpreted it. Guess we`ll find out soon!

Have a good one, all!

JohnS

 

[Nir]

Thank You John and Thomas,

Yes the property is in Ontario and I forgot to mention I do have tenant acknowledgements confirming some did not provide last month rent.

It`s just that the form is not clear and if the seller is scandalous it is easy to "help" the tenant fill the document, especially those older tenants who do not see clearly.

I guess my suspicious mind worked overtime, last days before closing anxiety or something

Thanks for the encouragement, I will not call the tenants to confirm.

Regardless, interestingly, the statement of adjustment from the lawyer is not showing one of the last month rents that was deposited. I informed the lawyer, a good reminder to always go through the documents and calculate everything yourself.

Regards,
Neil