Change in Ownership : ezLandlordForms

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Sani M

started a topic over 11 years ago

I'm a first time home owner. I just closed on a duplex today. How do I notify tenants of new ownership? Is there any forms. The property is in Califfornia. I live 2 miles away from it can I just drop off a letter informing them or is there a set process to follow. Anythings else we should take care of right away. Any guidance is really appreciated. Thanks. Sani

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Bob R

said over 11 years ago

Congrets on your new purchase. Let’s deal with this 1st - You should have rec’d a copy of the lease agreements and ALL deposits that was given to the previous owner. Also, the tenants should have been notified that you are the new owner and where the rents are to be sent. Is this true? -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with Fed/State/Local and Tax Laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Simp-List.com. Free Trial Download. A great program at a great price @ $50.00! Check it out.

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Sani M

said over 11 years ago

Thanks Bob for the quick response. I received all the deposits and lease agreements. Who is suppose tonotify the tenants that I'm the new owner and where the rents are to be sent. Isnt this something I should do as a new buyer. I didnt have a buyers agent too so not sure what to do next to notify tenants.

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Bob R

said over 11 years ago

If there was a RE Agent involved, the agent should have done the notification……I would call the tenants and introduce yourself and verify that they have the correct mailing address. You should also make sure they have your phone #. Exchange emails. This makes it convenient should either of you need to be contacted for non-emergencies and will become important when a tenants vacates. Follow-up with a letter or email…..On another note, consider opening a saving or checking account that the tenants can make their rent payments. Use this acct for deposits only. Don’t explain to the bank why your doing this. They like to see very active accts. Find something that doesn’t charge you a fee, if possible. After funds have approved, transfer the $$$ to your Rental Acct. You need to set-up a Rental Acct, if you have not done so. This is important for tax purposes. The good of this type of deposit is that you should see the deposit the minute it is made. This is better then waiting until the PO delivers it only to find out weeks later that check bounced. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with Fed/State/Local and Tax Laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Simp-List.com. Free Trial Download. A great program at a great price @ $50.00! Check it out.