Legal Question in Landlord & Tenant Law in California

1) Not correct. You take the property subject to the existing leases and the tenants are legally obligated to accept you as the new landlord (the legal term is "atornment"). 2) There are two options. Either the existing landlord can refund the existing deposits and then you can collect new deposits pursuant to the existing lease terms, OR, the old landlord can transfer you the existing deposits in the escrow for the sale. The second option is MUCH preferred for two reasons. First, it is consistent with the legal rights of the parties I explained earlier. Second, it makes sure you have an accounting of the deposits before becoming landlord, and most importantly, third, if you agree the seller will refund the deposits and you will get new ones, and the seller does NOT refund the deposits YOU become jointly and severally liable to the tenants for the deposit money, but are prohibited from collecting deposits from the tenants. 3) It is a certification by the tenants that they understand and agree that their lease is still in effect. These are given for the benefit of lenders so the lender has independent verification of the income stream. Unless your lender requires them, you don't need to worry about them. 4) Hire a lawyer to review the transaction as soon as possible and definitely prior to close of escrow. A few hundred dollars spent now may save you thousands and thousands down the road.