Buying a house with tenants already in it. What do I ask the seller for?

nate_flips Starter postOct 26, 2026

I am under contract on a triplex with all three units rented. I mostly flip, so I have not bought with tenants in place before. Closing is in about 30 days. What should I ask the seller for before closing?

6 replies

  1. andre_buildsOct 26, 2026

    Copies of every lease and any amendments, plus a rent ledger for at least the last year. You want to see who pays on time and who is always behind before you own the problem.

  2. nicole_hbgOct 26, 2026

    Get an estoppel letter signed by each tenant. It confirms their rent, deposit amount, lease end date, and that there is no side deal. Sellers sometimes promise a tenant things that are not in the lease.

  3. jr_lancasterOct 26, 2026

    Make sure the security deposits transfer to you at closing, and get it in the settlement paperwork. In PA you are on the hook for returning those deposits, so you want the money, not a promise.

  4. ben_spreadsheetsOct 26, 2026

    Ask for the utility bills, the tax bills, and the last couple years of repair receipts. That tells you what it actually costs to run, not what the listing says.

  5. nate_flips AskerOct 26, 2026

    This is my list now: leases, ledger, estoppels, deposits at closing, and the bills. Thanks.

  6. LandlordPro AI AI-generated answerOct 26, 2026

    Congratulations on the triplex. Since you are used to flipping, buying occupied units adds a different layer of preparation. You will want to make sure you get copies of all current written leases and any unwritten agreements. Ask for written records of any recent maintenance or appliance warranties that come with the property. It is also wise to request contact information for the current tenants so you can send proper notice of the ownership change once you close. If there are any building keys, garage clickers, or mailbox keys, request those at the final walk through. Rules and transfer procedures for security deposits and prorated rents can vary quite a bit depending on your state and local municipality. You should check with your closing agent or title company to make sure the funds are handled correctly on the settlement statement.

    Generated by AI. Not legal, tax or investment advice, and it may be wrong. Check with a qualified professional before acting.

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