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When buying any real estate, there is a long list of issues that must be considered. When buying rental properties, issues related to existing tenants should be near the top of the list. Existing tenants in investment property can be either assets or liabilities. Whenever you buy the tenants with the real estate, protect yourself by covering certain issues in the purchase contract.
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You should understand that you may not be immune from claims regarding money or possession by a previous tenant even if you have closed escrow on the purchase of a property claimed to have vacancies. The fact that a unit is vacant at the time of final inspection does not guarantee that the seller (and subsequently the buyer) has legal possession of the premises.
Lease terms can affect the current and future value of the property and could severely affect any plans for personal use of the property. For example, you may have planed to have your child occupy one of the units while attending a college near the property, but you could find after closing that the existing tenant has an option to annually renew his lease for the next 3 years.
Finally, although you might have legal recourse against the seller regarding the above issues, avoidance of claims is better than hassles, including lawsuits. Efforts to collect for any damages might be completely ineffective if the seller retired to Mexico following close of escrow.
First, the contract should require an estoppel certificate from each existing tenant. Basically, an estoppel certificate is a document that requires the tenant to confirm such issues as the correct rent amount, the date to which rent has been paid, the current amount of the tenant’s security deposit, and that the attached lease agreement documents are the only lease documents relevant to the current tenancy. It should also confirm that the tenant has no lawsuits, regulatory agency actions, or other claims pending against the property.
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