Potential Headache (California) - Posted by LRAO

Real Estate Investing Real Estate Law
1

Posted by chet on February 05, 2005 at 24:10:13:

on a duplex I did last summer, I made it a contingency of escrow that the place be empty.

when you take over, you could ask for deposit, rent, etc. or give 30 days notice.

2

Potential Headache (California) - Posted by LRAO

Posted by LRAO on February 04, 2005 at 21:02:10:

Hello all.

I am about to buy a triplex from the SELLER. One unit is vacant, and that unit will be the one I live in. It’s the other 2 that I am worrying about.

The SELLER did not have the tenants sign contracts nor did he collect security deposits. (BTW, the SELLER is selling b/c he figured out that he is not a good landlord. Duh.)

So…my questions are:

  1. Do I have the SELLER get the TENANTS to sign agreements and give deposits to him and then proceed with the sale? Or do I start everything fresh after the sale (this doesn’t sound logical) with the TENANTS and ME?

  2. I was told that you CANNOT request a security deposit of 1st and last months rent, or in effect call it that…is this true?

  3. Is there anything else I should be aware of? I can deal with headaches, as long as I foresee the slightest possibility of them, I just don’t like them coming out of right field.

Thanks in advance.