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If escrows in your area are formally closed in a meeting between parties or if you or your agent arranged for pickup, you should receive the escrow closing statement and other purchase documentation on the day of closing. Otherwise, you should receive documentation in the mail a few days later. Make sure that you received documents which are not typically provided.
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Discontinuance of utilities or other services by the seller before you have them turned on in your name can create havoc for your relationship with your newly-acquired tenants. You can cover this issue in your purchase contract, but it is usually handled informally without serious problems. Do, however, make arrangements for transfer of electric, gas, water/sewer, and trash services before close of escrow so that everything can be taken care of by a few phone calls. Unless you are already a customer and the utilities will take this into consideration, expect to put up deposits for gas, electric, and maybe even water, the amounts often equal to or 1-1/2 times the historical maximum monthly bill.
Prepare new leases and other documentation for tenants who are month-to-month and tenants whose leases expire in the near future. If you are buying pre-1978 residential property and the seller did not have required lead paint disclosure documents for each tenant(as should have been required by your purchase offer) get them executed immediately. If the previous landlord had obtained adequate credit report permission statements at the time of processing each tenant’s application, utilize them to obtain an updated report prior to offering to renew each lease. If previous permission statements did not provide for ongoing credit reports, require tenants to execute revised ones as a condition of continuing tenancy for month-to-month tenants and of renewal or extension for others.
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