My friend is buying a piece of realestate (multiplex) with tenants with one year leases. He wants to move in immediatly. Can he cancel old leases and kick them out or what because he will be the new owner of the property?
2007-06-03 15:27:13 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
No, he cannot automatically change any existing leases. How would you feel if it were you. When you buy a property you also buy any existing leases and they must be honored to the fullest extent.pp
2007-06-03 16:01:39 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
No. (answer is dependant on state laws however.)
3. Can a new owner evict existing tenants? A month-to-month tenancy can be terminated at will with proper notice while a lease generally can't be terminated until the term ends. An owner can evict lessees by negotiating a lease buyout agreement. "[The owner] would need to work out a deal [with the tenant]. Striking a deal might be difficult, depending on the rental market [because] the tenant will want to rent a comparable place. The owner can't [evict] tenants who have leases because the owner has a contractual duty to supply them with housing," explains Janet Portman, an attorney and co-author of three landlord-tenant guides from Nolo Press in Berkeley, California.
http://www.realtor.com/basics/multifamily/tenants.asp?poe=realtor
2007-06-03 15:35:53 · answer #2 · answered by $Sun King$ 7 · 0⤊ 0⤋
There is a proper procedure for this, it will have to be stated in the contract at closing whether or not the tenants will carry over the contract to your friend the new owner. Also he will have to wait a certain period and evict them legally which has to be done through court usually. But he should be a nice guy and just say, that he would like them to move if he doesn't have to honor the contract.
2007-06-03 15:30:37 · answer #3 · answered by cubsfreak2001 5 · 0⤊ 0⤋
i grow to be a shape inspector for a Public Housing Authority. regrettably, the way issues are actually, the tenants in actuality have greater rights than the landlords. i could call the tenant's bluff and touch the skill shopper and clarify the region. If she's a severe shopper, i'm helpful that she would be able to re-set up her schedule to deal with this individual, regardless of each and every thing, it grow to be you who did set the 11 am rule. meanwhile, touch the area 8 Housing Inspector and clarify what's occurring. except the regulations have replaced, a 24 hour observe is needed, yet honest is honest, and you have been the beneficiary of area 8 money (that are certain, in assessment to the internal maximum sector) for as long as you have been renting the homestead.
2016-11-04 21:12:23 · answer #4 · answered by Erika 4 · 0⤊ 0⤋
Nope. The lease remains in force. He has to either let their leases expire (and give them the proper notice to vacate), or offer to buy them out.
2007-06-03 15:51:09 · answer #5 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
are they on a lease depends on the state law ever state is different findlaw.com under land lord tennant
2007-06-03 15:30:33 · answer #6 · answered by Nikki 3 · 1⤊ 0⤋
its very hard in fact if they are section 8 is gonna be harder and you might need to hire a lawyer but, finally you can get rid of them of course you are gonna spend some time and money.
2007-06-03 15:31:52 · answer #7 · answered by Armando 4 · 0⤊ 0⤋
he must honor them and get the money for them being there
or he can pay them off
2007-06-03 15:30:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
in most places NOPE
2007-06-03 15:29:24 · answer #9 · answered by banjaxed 6 · 1⤊ 0⤋