My landlord said he would sell me his house i am renting from him for $200,000. It's about 80 years old. There are other tenants living in the downstairs part of the duplex. How long would they have to move out once i purchased the place?
2007-08-06 12:45:31 · 4 answers · asked by DustyRose 1 in Business & Finance ➔ Renting & Real Estate
It depends on the terms of their lease. It may be transferable to a new owner in which case you will have to let them stay 'til their lease is up.
Or, if it's not transferable, you will probably have to give them at least 30 days notice.
Ask the current owner for a copy of the lease.
2007-08-06 12:53:28 · answer #1 · answered by STEVE C 4 · 0⤊ 1⤋
They can remain until their leases expire. You would become their landlord once you closed but their leases remain in full force and effect until the expiration. If they are month-to-month you'll have to serve whatever notice is in their agreement or the state-mandated notice to have them vacate once you become the owner.
Make sure that the seller hands over their security deposits at closing because YOU will be responsible for returning it to them when you leave whether you get the deposit money from the seller or not.
2007-08-06 19:55:45 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Why would you want them to move out, assuming they're good tenants?
A 30 day notice is usually required.
2007-08-06 20:15:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You must honor any lease they are under until it expires.
2007-08-06 19:53:35 · answer #4 · answered by Venita Peyton 6 · 1⤊ 0⤋