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A comprehensive list of personal property included in the sale

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Take an inventory of all the personal property included in the sale. This list may include appliances, equipment, and supplies owned by the seller.

Don’t assume that anything is included in the sale unless you have it in writing, and be sure to verify that all items indicated are physically at the property before you close the deal. A significant dispute can occur if a misunderstanding arises about who owns the fixtures or appliances in the rental unit. If the seller says that all the refrigerators belong to the property owner (as opposed to the tenants), for example, you want to verify ownership in writing with each tenant. Otherwise, you run the risk of a serious dispute or loss in future years; tenants might take appliances when they leave, claiming that those fancy fridges belong to them.

Some ingenious tenants have been known to sell the new appliances in their rental unit and replace them with used appliances when a change in the property’s ownership or management occurs, so be sure to take photos and collect a list of all your appliances’ serial numbers during your due-diligence period. Then make sure that your lease reflects accurate ownership of all appliances.

Property Management Kit For Dummies

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