2007-01-02 20:40:48 · 5 answers · asked by tauntingdave 1 in Business & Finance ➔ Renting & Real Estate
You MUST notify the tenant immediately so they will know where to send the rent checks. If you fail to do so, they will continue to send the rent to the former owner.
You must honor the lease; you have no option on that. If you intend to take back possession at the end of the lease you need to give whatever notice is required in the lease at the very least. But as much notice as is possible would be the nice thing to do.
2007-01-02 22:57:38 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
If you bought a rental property with an existing tenant, you also bought the lease. You must comply with that lease, or offer to buy out the tenant early. You do not normally have to renew the lease, however, and should give 30-60 day notice of your intention not to renew.
I hope in the settlement process you got the deposit money paid to the first owner, because the tenant comes to you for that money to be returned.
2007-01-03 08:44:58 · answer #2 · answered by kingstubborn 6 · 1⤊ 0⤋
Normally the notice should have been given by the person who sold the house and it is his responsibility. You can claim damages from that person. However, you read the lease agreement on "notice period" and accordingly give the notice if you so desire. If the purchase agreement stipulates that the "heirs, assigns or successors" of the property are bound by the lease agreement, then the notice should be given by you. If this fact has been hidden by the person who sold the house, then do not hestitate to claim damages.
2007-01-03 04:58:08 · answer #3 · answered by Anonymous · 1⤊ 1⤋
I would definately go the dept of fair trading website. If in Australia. Normally 21 to 60 days.
2007-01-03 04:50:53 · answer #4 · answered by Realness 2 · 0⤊ 1⤋
30 to 60 days depending on city, you do not have to honor lease
2007-01-03 04:43:44 · answer #5 · answered by jokerswild 4 · 0⤊ 3⤋