Just bought two family. What happens to current tenants lease? Do we start fresh or does it carry over still?
meaning - Can I change it and ammend it? Or do I have to wait til the date is up on their current lease for me to make any changes to it??
2007-02-09 05:36:52 · 8 answers · asked by Mike S 1 in Business & Finance ➔ Renting & Real Estate
probably should have asked this type of question before you made such a big investment
2007-02-09 05:46:45 · answer #1 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋
When you bought the house, you bought the past owner's obligations which means you will have to honor the lease..... unless you live where I live and the law here states that you can give notice that they must leave the house within 6 months but ONLY if you are planning to use that part for a family member. That way, they have no choice and must leave. And you shouldn't wait until the lease is up to change it. There are laws that state that you must advise of any increase etc in advance. Check your laws....
2007-02-09 05:45:07 · answer #2 · answered by The ReDesign Diva 7 · 0⤊ 0⤋
Check your purchase agreement and the tenants' lease agreements. Chances are you bought the propety "Subject To" the existing lease, which means you have to honor the existing leases.
However, there is a chance that the tenants' leases stated that in the event of a sale, the new owner would have the ability to renegotiate all current leases with "X-days" notice.
If it is not specifically spelled out, then you have to honor the current leases.
Read carefully.
2007-02-09 05:46:34 · answer #3 · answered by azhat 3 · 0⤊ 0⤋
There are two things to consider in this situation: The underlying leases and the purchase contract. If your seller was an experienced investor, they would have included a clause allowing for the leases to be null and void upon sale of the property or a finite time period after the sale. Otherwise you may be subject to the existing leases. I suggest you consult an attorney to review the documentation and to advise you of your options.
2007-02-13 03:19:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
When you bought the property, you bought the current tenant's lease. So, you need to honor that lease until its end date. Then, you can change or ammend it.
2007-02-09 05:40:38 · answer #5 · answered by Zebra4 5 · 0⤊ 0⤋
You must honor the current lease. When you bought the two family, you also bought any contractual obligation that the former owner had with the tenants.
2007-02-09 05:42:07 · answer #6 · answered by Beau R 7 · 0⤊ 0⤋
AS other have said, you must honor the lease until it expires. One thing newby landlords forget is did you get any deposit money from the person you bought the unit from. If you did that is great, if not, well you will have to fork over the deposit money to the people when they move out of your own pocket. This is an item that should have been included in your contract.
2007-02-09 06:19:09 · answer #7 · answered by Midwest guy 4 · 0⤊ 0⤋
This happened to me last year....
The tenant's knew that the property was being sold, so at the day the aggreement was voided...
I changed the agreement and had to update it anyway with all of your information...
So go ahead do anything you want, you are the Landlord!
Good luck
2007-02-09 05:53:36 · answer #8 · answered by James 3 · 0⤊ 0⤋