1. When a rental property is sold, is it the seller's or purcharser's responsibility to have tenants fill out and sign tenant acknowledgement forms?2. We are in the process of selling our rental building, one of our tenants is accupying an illegal basement unit for which we receive 400/month (about 100 less than market). This tenant has received this reduced rent as he is making repairs to the unit at his own expense. Issue is that current buyer wants something in writing from this tenant that states he agrees that the rent will increase in March 2013 and that the only reason he is receiving this reduced rent is becasue he is making renovations at his own cost. Given that there is no lease in place (because it's illegal) do we have to do what the buyer wants?
You don't have to do what they want.
But if you want them to buy the property then they may not if they need to be concerned about this tenant.
Any idea re question 1 about the tenant acknowledgements?
There is no law about this in the sense that there is no one rule that applies.
What applies is your contract with the buyer.
So if you say you will provide the tenant's acknowledgement you must do that.
If they say their offer is conditional on you doing that then they can decide not to go ahead if you don't get the acknowledgement.
Do you see what I mean?
This is up for agreement essentially.