I am thinking about purchasing a 2 family investment property. The tenents are already in a 1 year lease. If I purchase the propety can I enforce a late payment fee, even though it is not in the current lease?
2007-01-14 09:27:51 · 3 answers · asked by allcomcb 1 in Business & Finance ➔ Renting & Real Estate
I'm not sure about your state's laws, but here in Nevada you can't tack on additional fees that haven't been agreed to in the original lease agreement. The only way I can see you being able to add late fees, if it's not already addressed in the original lease, is to have the tenants sign an amendment to the lease agreeing to a late fee (Good luck with that)
2007-01-14 09:33:41 · answer #1 · answered by Kim K 2 · 0⤊ 0⤋
No. You take on their existing lease. But once their lease is expired you can "ask" for a new lease to be signed. If you are in California, good luck getting a tenant to do anything.
2007-01-14 09:35:32 · answer #2 · answered by Big D 2 · 0⤊ 0⤋
Nope.
2007-01-14 09:42:18 · answer #3 · answered by Paula M 5 · 0⤊ 0⤋