Sold sign goes up, tenants lease comes down??

When a rental  property is sold  the lease remains in force.  If a sale occurs when there is a tenant in place the following need to be transferred to the buyer:

¨      Lease

¨      Move in inspection

¨      Tenant ledger

¨      Tenant deposit and any pre-paid rent

¨      Tenant contact information

¨      Keys

If closing is mid-month rent will need to be pro-rated between seller and buyer at closing.  The Purchase and Sale Agreement should address the transfer of these funds and documents.

About Coldwell Banker Bain Property Management

As residential property managers for Coldwell Banker Bain Property Management Division, we manage single family residences, individual condominium units and small apartment complexes in the greater Puget Sound region. We serve Seattle, Tacoma, Anacortes, Marysville, Bainbridge Island, Lynnwood, Everett, Redmond, Bellevue and many other cities in Washington State. We also offer full service commercial property management.
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