keys at closing?
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
keys at closing? (by CJ [MO]) Feb 4, 2018 10:24 AM
       keys at closing? (by NE [PA]) Feb 4, 2018 10:26 AM
       keys at closing? (by Jeff [CO]) Feb 4, 2018 10:31 AM
       keys at closing? (by CJ [MO]) Feb 4, 2018 10:43 AM
       keys at closing? (by CJ [MO]) Feb 4, 2018 10:53 AM
       keys at closing? (by NE [PA]) Feb 4, 2018 10:56 AM
       keys at closing? (by NE [PA]) Feb 4, 2018 10:57 AM
       keys at closing? (by CJ [MO]) Feb 4, 2018 11:11 AM
       keys at closing? (by NE [PA]) Feb 4, 2018 11:19 AM
       keys at closing? (by CJ [MO]) Feb 4, 2018 11:30 AM
       keys at closing? (by NE [PA]) Feb 4, 2018 11:40 AM
       keys at closing? (by CJ [MO]) Feb 4, 2018 11:44 AM
       keys at closing? (by Ken [NY]) Feb 4, 2018 11:50 AM
       keys at closing? (by CJ [MO]) Feb 4, 2018 11:54 AM
       keys at closing? (by LindaJ [NY]) Feb 4, 2018 12:02 PM
       keys at closing? (by CJ [MO]) Feb 4, 2018 12:08 PM
       keys at closing? (by Ray-N-Pa [PA]) Feb 4, 2018 1:04 PM
       keys at closing? (by Ray-N-Pa [PA]) Feb 4, 2018 1:05 PM
       keys at closing? (by Ray-N-Pa [PA]) Feb 4, 2018 1:05 PM
       keys at closing? (by JR [ME]) Feb 4, 2018 1:05 PM
       keys at closing? (by CJ [MO]) Feb 4, 2018 1:13 PM
       keys at closing? (by Ray-N-Pa [PA]) Feb 4, 2018 1:21 PM
       keys at closing? (by Coplin [CA]) Feb 4, 2018 1:22 PM
       keys at closing? (by RB [MI]) Feb 4, 2018 1:55 PM
       keys at closing? (by TA [CA]) Feb 4, 2018 2:21 PM
       keys at closing? (by Sparky [PA]) Feb 4, 2018 2:53 PM
       keys at closing? (by CJ [MO]) Feb 4, 2018 3:03 PM
       keys at closing? (by Dave [MO]) Feb 4, 2018 3:23 PM
       keys at closing? (by CJ [MO]) Feb 4, 2018 3:28 PM
       keys at closing? (by plenty [MO]) Feb 4, 2018 4:50 PM
       keys at closing? (by JR [ME]) Feb 4, 2018 6:13 PM
       keys at closing? (by Robert J [CA]) Feb 4, 2018 7:08 PM
       keys at closing? (by CJ [MO]) Feb 4, 2018 8:39 PM
       keys at closing? (by CJ [MO]) Feb 4, 2018 8:51 PM
       keys at closing? (by Nicole [PA]) Feb 5, 2018 5:45 AM
       keys at closing? (by Barb [MO]) Feb 5, 2018 6:37 AM
       keys at closing? (by John... [MI]) Feb 5, 2018 7:02 AM
       keys at closing? (by Robin [WI]) Feb 5, 2018 7:40 AM
       keys at closing? (by NC INVESTOR [NC]) Feb 5, 2018 2:18 PM
       keys at closing? (by Vee [OH]) Feb 6, 2018 7:13 PM


keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 10:24 AM
Message:

I am going to close a building at closing on 5th. The seller wants us to close at 10 am, he close at 4pm then he go to the tenant to collect rent after closing.

That is OK. but he refuse to give me the tenants information and key at my closing time. I insists to have all keys and tenant information at my closing.

For some reason he is mad I do not want to collect Feb rent for him.

Am I right to ask for keys and tenant information at my closing?

--97.91.xxx.xxx




keys at closing? (by NE [PA]) Posted on: Feb 4, 2018 10:26 AM
Message:

That rent needs to be collected and prorated to you at the time of closing. He is due 5 days and you are due the balance of February on the HUD. Why would you let himcollect the rent after it's your building? --50.32.xxx.xx




keys at closing? (by Jeff [CO]) Posted on: Feb 4, 2018 10:31 AM
Message:

Where is your realtor during all this? What about the title company??? --76.120.xx.xxx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 10:43 AM
Message:

The rent is due first, but he will collect on 5th. We were going to close at 10 am, but seller want to close at 4pm.

The seller does not return the realtor calls last two days.

I just want to get keys and tenant information at my closing. Do I need to close after seller closing?

Seller wanted to postpone the closing at Feb 6 so he can collect rent on 5th, but we already have all insurance and loan document ready. --97.91.xxx.xxx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 10:53 AM
Message:

Is it normal for buyer to close first and get key and information later. I am worried they do not give the information and keys after I close.

--97.91.xxx.xxx




keys at closing? (by NE [PA]) Posted on: Feb 4, 2018 10:56 AM
Message:

So go to the closing the same time he goes. You don't need to close before him. The keys are the least of your worries. He's taking your February rent money. Unless you agreed to give it to him, which I don't understand why you would. --50.32.xxx.xx




keys at closing? (by NE [PA]) Posted on: Feb 4, 2018 10:57 AM
Message:

Honestly, who cares about those keys? You need to go change those locks anyway after you take possession. --50.32.xxx.xx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 11:11 AM
Message:

I offer to close at the same time as the seller too. But the agent said the bank check take time to clear the fund. I said when I buy stuff at the store, I get the stuff as soon as I pay the check, does not matter when the check clear. The title company only take good bank check anyway.

The reason I worry about the keys and tenants information is 8 families. Single family is easier to deal. --97.91.xxx.xxx




keys at closing? (by NE [PA]) Posted on: Feb 4, 2018 11:19 AM
Message:

What do you mean tenants info? Have you reviewed the leases and verified rents yet? --50.32.xxx.xx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 11:30 AM
Message:

Yes, I have the lease. I want tenant phone number and job information from rental application.

--97.91.xxx.xxx




keys at closing? (by NE [PA]) Posted on: Feb 4, 2018 11:40 AM
Message:

Then simply don't sign until you have that stuff. You still need to address the rent. $xxx.xx times 8 units.... --50.32.xxx.xx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 11:44 AM
Message:

I asked. They said they will give it at closing. I do not know why they do not at my closing. --97.91.xxx.xxx




keys at closing? (by Ken [NY]) Posted on: Feb 4, 2018 11:50 AM
Message:

Is the seller selling it to you at 10:00 and then buying it at 4:00 himself using your money to buy it and complete the sale? do you have an attorney and or title company involved? --72.231.xxx.xxx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 11:54 AM
Message:

We only need title company, I just want to have the key and tenant information at my closing. I can close any time they want. They agree to give me the key and information after my closing.

I want the key and tenant information at my closing. I can close the same time as seller if that works. --97.91.xxx.xxx




keys at closing? (by LindaJ [NY]) Posted on: Feb 4, 2018 12:02 PM
Message:

I too am confused on Buyer and Seller here. Buyer purchases from seller (owner) unless the seller has to buy it from another owner and you are really just purchasing their contract to buy from the original owner. Either way, it should all be done at the same time, and same table with lawyers for each party to be sure that each party has their interest represented. No way would I close hours before the seller even owns the property, I can't imagine my lawyer would do that either.

If the property becomes yours on the 5th, you are due any prorated rent for the month. Your lawyer should have this all lined out. The seller get to keep the amount for the days they owned it.

--96.236.xx.xx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 12:08 PM
Message:

In MO, we all close at title company. We have the same agent and all close at the same company.

The seller might want me to give him the rent money while I have not collected and not even know the tenants. --97.91.xxx.xxx




keys at closing? (by Ray-N-Pa [PA]) Posted on: Feb 4, 2018 1:04 PM
Message:

Google up letter of estoppel and get the seller to fill this out so the closing document can reflect who gets what at closing --24.101.xxx.xxx




keys at closing? (by Ray-N-Pa [PA]) Posted on: Feb 4, 2018 1:05 PM
Message:

Google up letter of estoppel and get the seller to fill this out so the closing document can reflect who gets what at closing --24.101.xxx.xxx




keys at closing? (by Ray-N-Pa [PA]) Posted on: Feb 4, 2018 1:05 PM
Message:

Google up letter of estoppel and get the seller to fill this out so the closing document can reflect who gets what at closing. --24.101.xxx.xxx




keys at closing? (by JR [ME]) Posted on: Feb 4, 2018 1:05 PM
Message:

I am confused. My closing, sellerís closing, etc. It is common around here for the seller to complete paperwork prior to or simultaneous wit the buyer. I have never heard of the seller ďclosingĒ later. The deal with the rents is totally whacked, too.

If you donít like the terms of the deal, tell the seller to pissant off. You have the cash, you drive the deal, itís that simple.

CM, your post is worded in such a way that you appear to have English as not your first language, you are weak and indecisive, and have never done this before. Forgive me if I am wrong. I say this out of love.

AN 8 family building is a substantial investment. Why in heavenís name wouldnít you hire a professional to look the deal over and protect your interests? You canít have it both ways, that is: am I getting screwed in this deal? But thatís the way its done around here. I am helpless. Please help. --98.13.xx.xxx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 1:13 PM
Message:

I just need the keys and tenant information (phone and job.) Agent said he will get them to me at 4:30pm. I said I want those at the time of closing and I can wait to closing at 4:30pm. Originally I was going to close at 10am.

But they said I should close earlier and get those stuff later. I do not believe that.

--97.91.xxx.xxx




keys at closing? (by Ray-N-Pa [PA]) Posted on: Feb 4, 2018 1:21 PM
Message:

A month after closing, when the tenant says that the deposit was $1,000,000 - what is going to happen? --24.101.xxx.xxx




keys at closing? (by Coplin [CA]) Posted on: Feb 4, 2018 1:22 PM
Message:

Your post sounds confusing. Get your self an attorney to represent you at closing. If your the buyer, at closing you should get all the rent money owed you, all the security deposits, all the keys, and all the original leases not copies. And if your smart you have talked personally with each tenant and gotten a signed estoppel from each.

As for the rent money accounting it should all be done at the closing table based on who collected it not on what is owed.

If your still worried or not satisfied at the closing, don't buy the place. Unless your getting a super spectacular deal, delay closing until everything is satisfactory or walk away.

You don't trust the seller once you own it. Once title & money transfer, you have little to no leverage to get the seller to do anything. Not return your calls, not give you any information and certainly not give you any money.

Good luck. --47.157.xxx.xxx




keys at closing? (by RB [MI]) Posted on: Feb 4, 2018 1:55 PM
Message:

Your paying someone who is Not Representing you well.

What Bar is this closing at ? --47.35.xx.xx




keys at closing? (by TA [CA]) Posted on: Feb 4, 2018 2:21 PM
Message:

The rent and possession dates are both negotiable. If you are closing on the 5th it would be normal for the previous owner to have collected rent for the month already. --73.158.xxx.xxx




keys at closing? (by Sparky [PA]) Posted on: Feb 4, 2018 2:53 PM
Message:

Are you sure you are buying from the "Seller"? Are you in a contract with a wholesaler or doing a double closing? --100.6.xx.xxx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 3:03 PM
Message:

Yes, from Seller. --97.91.xxx.xxx




keys at closing? (by Dave [MO]) Posted on: Feb 4, 2018 3:23 PM
Message:

Buyer will closes first. Is he closing at 4 because of work?

Did you ask the title company for your HUD statement?

Your HUD will have your credits and debits listed.

Seller may be giving you a credit? and this is why he's collecting the rent?

Speak to your agent and they should explain the transfer of keys and rent. --72.24.xx.xx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 3:28 PM
Message:

I asked for statement for tile company Friday morning but they did not give to me. They give to the agent and I get from the agent in the eve. I found the rent is not credited to me, and agent agree and emailed to the title company, but it is weekend. The agent is trying to get the key from seller.

--97.91.xxx.xxx




keys at closing? (by plenty [MO]) Posted on: Feb 4, 2018 4:50 PM
Message:

You may get a credit for rents at closing. I would watch for that..it would not be my preference. But i suppose getting it closes is best. The closing may needed to be thought thru a bit more before agreeing to closing date. Ok well some times it works out better than others! The post is a it confusing. Suppose you could put off closing until feb 20th or so and current seller would have feb rent and all feb headaches. And you'd be in position to collect March rent with credit back for end of Feb. . in your favor. Just about terms. A good buyer will try and work it to their favor. --66.87.xx.xxx




keys at closing? (by JR [ME]) Posted on: Feb 4, 2018 6:13 PM
Message:

Good luck. --98.13.xx.xxx




keys at closing? (by Robert J [CA]) Posted on: Feb 4, 2018 7:08 PM
Message:

I do not want to Blow your deal, but you are doing everything all wrong.

A third party, like a Licensed Real Estate Broker should have gone to each tenant and had them fill out an estopel. They would state:

How many people live in the unit.

How much rent they pay each month.

What their security deposit is.

What appliances do they own.

And any other important information.

Then you should have compared it with the lease give to you at the time of "production of documents". Then you could have confirmed all issues.

One of my tenants, in a 19 unit property, refused to fill out an "estopel". When she moved out she took the portable dishwasher, a 18 inch refrigerator and the window coverings. Because of that I did not return any of the deposits and I filed a police report for good measure. The tenant took me to court saying I owed her a $1000 deposit refund and the appliances were hers.

The lease stated that appliances and window treatment were included in the lease. A lease that she signed. Also the tenant had used up half of her deposit on a previous rental payment, in the notes from the seller.

So since this tenant didn't sign and fill out the estopel and she signed a lease stating fact that I used to end her tenancy and deal with the deposit. I won, she lost...

So you need this kind of information to deal with your property. Good luck. --47.156.xx.xx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 8:39 PM
Message:

Thanks.

The seller has a list. I do not know if tenant has to sign it.

--97.91.xxx.xxx




keys at closing? (by CJ [MO]) Posted on: Feb 4, 2018 8:51 PM
Message:

But seller made mistake and tenants argue even the seller is right.

--97.91.xxx.xxx




keys at closing? (by Nicole [PA]) Posted on: Feb 5, 2018 5:45 AM
Message:

I think I've figured out the timing. YOU are to sign your paperwork in the morning and the seller is to sign his paperwork in the afternoon ... this is one transaction. Tell them no. I realize in some states buyers and sellers never see each other. The transaction is "in escrow" and is not completed until the deed and mortgage are recorded. Then, keys and money are passed. My state is not like that.

Insist you both meet at the same time and sign your paperwork in the same room. You need your realtor to get his tush in gear this morning. Make sure the seller will be there with rent in hand for the month - he doesn't collect it after the fact ... rent was due on the 1st so he needs to give you 23 days of rent, in cash or bank check, at the closing. This gets handled "outside of closing". those who state it goes on the HUD (it's now actually called a Closing Disclosure) are wrong ... lenders don't generally allow rent prorations ... that is a separate transaction.

Make sure the seller has all the keys. Make sure the seller has your estoppel agreements, applications, leases, etc. Your realtor should have taken care of all this.

This is why I would only ever use a local lawyer ... he will take care of whatever I don't/can't myself. Make sure everyone knows all this needs to be completed before you walk in the door. DO NOT CLOSE WITHOUT ALL THIS. You are the one who is in the drivers seat right now. --72.95.xx.xxx




keys at closing? (by Barb [MO]) Posted on: Feb 5, 2018 6:37 AM
Message:

With all this going on, I think I'd push closing back to Feb 27 or 28. The seller needs to get their side in order. You want to be sure you have all applications, all leases, all keys, and the estopels from all tenants. Without those, no sale.

On my way home from closing, I would drop off a letter stating the change of property ownership and the new policies. Put in writing how rent is to be paid the next day. If using Clearnow, drop off applications and explain it is SOP. --64.251.xxx.xxx




keys at closing? (by John... [MI]) Posted on: Feb 5, 2018 7:02 AM
Message:

Wow. Just wow.

I know you have trouble with tenants -- but now to see that you also have HUGE trouble just to complete what should be a simple sale too??

I'm sorry, but you really, really need to get a property manager and other better informed people. You post these sorts of crazy situations over and over again and pretty much ignore most of the advice given to you. :(

I hope for the best for you, CJ -- but you sure do make it difficult for yourself.

- John...

--24.180.xxx.xxx




keys at closing? (by Robin [WI]) Posted on: Feb 5, 2018 7:40 AM
Message:

STOP!! DO NOT CLOSE YET!

When you sign the paperwork, you need to get a credit for:

--all security deposits

--prorated rent for February

If he hasn't collected rents yet, that's his problem. And you are completely within your rights to insist on having the tenant contact information and keys AT CLOSING.

I think this seller is trying to do something shady. That means dishonest. He could as YOU to give HIM the first five days of rent and then go around and collecting the rent himself like he usually does. How would the tenants know that ownership had changed, especially if you don't have their contact info? --204.210.xxx.xxx




keys at closing? (by NC INVESTOR [NC]) Posted on: Feb 5, 2018 2:18 PM
Message:

You can give him a certified or cashier's check for closing on the property less the amount for the SD. i would require an accounting of the SD account with a current bank statement from that day before agreeing to the credit.

The seller seems to think he is in charge. You need to take control of this. Once you sign the papers and hand over the money, if he doesn't comply you are SOL...unless you enjoy protracted lawsuits. And his collecting rent after he closes...at that point it isn't his money to collect. You need an addendum to the sales contract that provides a credit to him for rent through the 4th payable upon receipt from the tenant.

As for the keys, I do think that you need to change the locks on every door. This guy sounds shady and I wouldn't feel comfortable with his having keys to the property.

From the sounds of this I would have my RE atty handle the closing. --71.75.xx.xx




keys at closing? (by Vee [OH]) Posted on: Feb 6, 2018 7:13 PM
Message:

Who owns which appliance, garage spaces, storages spaces, the rents are all up to date? The lease should follow the unit till expiration, keys would be wonderful but when your agent gets the tenants signature on the estoppal they might offer to pay for labeled copies. --76.188.xxx.xx





Reply:
Subject: RE: keys at closing?
Your Name:
Your State:

Message:
keys at closing?
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: