Last month rent when a property is sold - do tenants get it back?

[Nir]

Hi All,

When a property is sold do tenants usually:

1. get their last month rent back from the previous owner and then pay the new landlord the last month rent or:
2. the previous owner provides the last month rent to the new owner him/herself or:
3. the last month rent is not always required?

Also, is it critical to do it from the start or is it ok, due to time constraint for example, to collect just one month initially and then (say a month after the closing day when it is time to collect the 2nd month) meet the tenants again and collect rent for 2 months - 1 for the next month and one for the last month plus have the tenants sign a lease agreement only then?

This is a technical question, just trying to understand if it is acceptable (by tenants and by law) that a landlord delays (say by 1 month) the process of having tenants sign a lease agreement and collecting the last month rent?

THANKS,
Neil

 

[Marek2086]

The last months rent should be subtracted from the purchase. For me it was done at closing. I just had to pay less in closing costs but than you have to deposit the equivalent amount of money in the account to keep a record. I have seen however tenants getting the last month rent back and give them to the new landlord. I don`t know if I understand you second question but don`t delay anything. Be prompt always get your money as soon as possible.

hope this helps.