Land Trust In Mississippi With A Nevada LLC Beneficiary?
can i get a land trust with a nevada LLC as the beneficiary for my strip malls and mobile home parks?
can i get a land trust with a nevada LLC as the beneficiary for my strip malls and mobile home parks?
If there is a current lease, you have to honor all the terms of the lease. You can not arbitrarily evict the tenant just because of a change in ownership.
You want a contract provision that assigns the lease to you, assigns a property management contract and all repair escrows to you (if the seller has hired a property manager) and you want a separate check for the security deposit and for any accrued interest (my state requires me to pay interest on security deposits). You can also get a credit on the HUD-1 at closing instead of a check. You will also want a credit at settlement for all scheduled rents prorated to your date of settlement.
You will want an estopple letter from the tenant regarding the amount of rent, the amount of security deposit, and the expiration date of the lease. Your attorney can help you draw up an estopple letter.
You will also want to visit the HUD housing administrator for your county and get a landlord Section 8 orientation packet.