Question on Apartment Building Purchase - Posted by Eric
Posted by Eric on November 07, 1998 at 22:30:24:
I am scheduled to close on a ten-unit apartment building on the 30th of this month, and chose this day given the general advice of closing at month’s end so as to avoid paying upfront interest charges.
What is the best way to try to insure a smooth transition for the rents due to me the following day, since I assume that the buyer will not want to instruct his tenants to begin sending the rents to me until the purchase actually closes?
Under the best of circumstances (tenants are instructed to hold checks until notified of the outcome on closing day?), do I need to assume that at least a few of these checks may arrive 1-2 weeks late, especially if the former owner is less than diligent about forwarding errant checks to me.