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:
¨ Move in inspection
¨ Tenant ledger
¨ Tenant deposit and any pre-paid rent
¨ Tenant contact information
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.