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Professional Standards Manual

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8. Tenant Occupied Properties

(c) Sale of Rental Properties

It is recommended that the amounts of security deposits held on behalf of each unit, whether that unit is authorized or not, be specified in any Contract of Purchase and Sale. Information as to the date of the last rent increase for each unit should be included.

Confirmation of Tenancy Details Clause

The Seller warrants that (tenant’s name) is a (type of tenancy); the monthly rent is (amount) including (utilities included); payable on (day of the month rent is due) a security deposit of $(amount) was taken on (date) and the last rental increase was (date) .

A licensee who is listing or selling a tenanted property should ask for a copy of the tenancy agreement, if available. After January 1, 2004, the tenancy agreement must be in writing; however, tenancies entered into prior to that date may not have a written agreement. If a tenancy agreement is available, the licensee should attach a copy of it as part of the Contract of Purchase and Sale.