Posted by Jim Kennedy - Houston, TX on December 28, 2000 at 09:39:49:
You indicated that there are no written leases. Was there ever a written lease that rolled over to a month to month tenancy under a holdover clause? Are there written month to month rental agreements? Did the property owner provide you with any documentation regarding the existing tenants? How did you determine that there are no written leases? Did you speak to the tenants directly? If so, did you get estoppel letters from each of the tenants confirming the terms of the tenancy including the amount of the rent, the due date for the rent, the amount of any security deposits, if any?
Since apparently you’ve already closed the deal, I hope you don’t have any surprises regarding the existing occupants.
Best of Success!!