I have just purchased a condo. The condo is rented by the previous owner and there is a management agreement with Windermere Management. The...

Question

I have just purchased a condo. The condo is rented by the previous owner and there is a management agreement with Windermere Management. The closing is June 27. The renter had a lease through July with Windermere. How does my ownership effect the lease agreement with the previous owner? How should the renter's deposit and damage deposit be handledWorking with my real estate agent and talking with Windermere. Windermere says that they have a contract with the previous owner and that they and she make decisions until the end of July. The renter wants to terminate her occupancy mid-July. Windermere says that the previos owner who has the lease agreement with Windemere decides if the renter pays prorated for the days she there or full month's rent and I get control after the renter leaves!!

Answer

Without getting too much into the nitty gritty I'll just point out that once you become the owner, the rents are to you. You take over the lease most likely and are obliged under it, but also take the benefits of it. If They are trying to tell you that the previous owner gets the rent on a unit he does not own (at the pertinent time) you should object.