as a new landlord with inherited tenants, can i raise the rent while they are still under the current lease?
2006-11-26 16:58:35 · 11 answers · asked by acrussell75 1 in Business & Finance ➔ Renting & Real Estate
No, they have a legal document spellig out their rent rate.
2006-11-26 16:59:32 · answer #1 · answered by me 4 · 0⤊ 0⤋
You can if there is a clause in the lease stating that if another landlord is to take over, that the new landlord can adjust the rent. Bring a copy of the lease that the tenants signed to an attorney and ask him to look it over if you're still not sure.
2006-11-27 01:01:02 · answer #2 · answered by Heather-Nicolle 3 · 0⤊ 0⤋
No. They signed the lease at a certain price. It is a contract. Even if you didn't sign the contract, you should honor it as the new landlord. They can take you to court over raising them, and they will leave if you raise the rent before their contract runs out.
2006-11-27 01:00:26 · answer #3 · answered by Esma 6 · 0⤊ 0⤋
No, you can not legally raise their rent under their current lease. You must wait until they renew their lease. I learned this in school
2006-11-27 01:00:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
no, you must wait for their lease to end before placing a rent increase. but you must give them warning I believe 60 days prior to end of their lease that the rent will go up.
if you are increasing it a lot, don't be surprised if many move out.
2006-11-27 00:59:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
no, the lease is a legal documented contract between the two. If you have new people come in to lease, you may set theirs higher and make sure its documented in the new lease for them. but you can to old ones.
2006-11-27 01:01:41 · answer #6 · answered by Jacoby 2 · 0⤊ 0⤋
Do you know that every city differs by the City Council's by-laws? Go down to your city's City Counsel. I live in Berkeley in California and in this city the answer is NO. There is such a thing called rent control
2006-11-27 01:07:12 · answer #7 · answered by Professor DOT BOMB 2 · 0⤊ 0⤋
There are not enough specifics to give a 'pat' answer for this, however the answer is generally NO.
Shame on you for not understanding the lease before purchasing occupied rental property.
2006-11-27 01:07:50 · answer #8 · answered by KC 4 · 0⤊ 0⤋
If the amount they are to pay is written in the rent agreement, then no. You would have to wait for the agreement to expire and draw up a new one with the new rent in the description.
2006-11-27 01:02:03 · answer #9 · answered by Sparkles 7 · 0⤊ 0⤋
Absolutely not.
When you bought the building, you were assigned the current leases and are bound by the terms.
2006-11-27 10:14:22 · answer #10 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋