What to do when you have a deal under contract and they agreed at first to send a copy of all leases to you, but then turn around and say it’s too much to copy for them to send it all (they say it’s close to 20 pages per rental agreement and with around 80 units and they can’t copy that much paperwork)… So they won’t send copy of leases?.. Should I at least have them copy at least one page per lease to prove the amount of rent each tenant is paying to see if it matches what the rent roll says?
You hold your line…
They agreed and now they need to provide them. You could work with them and allow them to scan and email them instead.
To me it raises a red flag and id be prepared to walk from the agreement due to this breach by them.
Test their position.
Offer to have the work done for them. See if it is just too hard or if they want to hide something.
Tell them that they can send you electronic or PDF copies. More than likely, when you get the appraisal stage the appraiser is going to want to see those leases, so its in their best interest to do the work now.
Good luck.
Suz
If its one thing I have learned in this business is that if the person you are doing business with does not like, want or have good documentation that is a big sign of caution. Its almost 100% guaranteed.
U should have them send you copy of all of it or they should mail it to you if it’s part of your decision making process- Period!