The Residential Income Property Addendum should be incorporated into the offer anytime you are working with a property where a tenant will be remaining after close of escrow. This addendum calls for the seller to supply an additional disclosure statement specific to income properties as well as a copy of current leases, rent rolls, personal property lists, and other documents that will be important for your buyer to review. It also addresses how any deposits will be addressed and whether or not there is currently a property manager.
Q: I have a buyer interested in submitting an offer on a duplex that is occupied by tenants that will remain after close of escrow. My buyer is fine with this as he is purchasing it as an investment property. What do I need to include in my offer to address this?
by David Dynes | Nov 2, 2020