Each time I purchased an investment property with agents, I have them (listing and selling agents together) meet with the tenants and fill out an estoppel -- even if there is only a verbal lease.
When I purchased a building from the bank that foreclosed on it, there were no records. Tenants said they lost their copy of the lease and stated their rents were $500 a month when really they were $600.
Each tenant stated and signed the estoppel saying they owned the appliances -- Stove, Refrigerator, Microwave and window air conditioner. They weren't old so I didn't care.
Then 2 months into my ownership one tenant called and said, "The owners (me) refrigerator broke and they need another one plus $200 for lost food"! I said let me call you back, I need to check my records. I called and stated that the tenant claimed the appliances were theirs.
The tenant called the old owner and got a copy of their original lease from 8 years ago, then called The Housing Department. I was ordered to replace my tenants refrigerator. So I got a used one out of my storage, from the 1970's that wasn't frost free.
I found my way in a Housing Department hearing. When I presented a signed estoppel with notarized letters from the listing and selling agents that the tenant claimed the appliances were theirs, the Judge didn't buy it!
I then explained to the judge that the owner hadn't raised the rent in years because when their apartment refrigerator broke, the tenant replace it them selves. $100 less a month in rent means a $1,200 a year discount and this went on for 4 years. The tenant can buy themselves a new one.
I told the judge that both agents are bonded and wouldn't lie about an stopple. On the other hand every word a tenant said is suspicious. --47.155.xx.xxx