My husband and I want to buy a duplex and live in one side, rent the other. The one we are interested in has both units rented out right now. I am not sure when the leases expire and what the terms are yet. My question is, can I legally empty one side so that we can move in? I have heard that since the leases were signed with the old landlord, not me, that we could choose to sign a new lease or we could choose not to. But then I heard that their lease will still be good and I need a "good" reason to ask to them to leave. Anybody know any more info?? Thanks!!
2007-12-13 07:46:51 · 12 answers · asked by ArmyWife233 3 in Business & Finance ➔ Renting & Real Estate
Oh no, I definitely don't want any bad karma!
My husband is getting out of the Army and we will need a place to live, too. But we probably won't be able to float mortgage leftovers from the duplex, plus our own rent on something else while we wait for leases to expire.
2007-12-13 08:17:01 · update #1
Prior to purchasing this property it is your right to see the existing leases. Upon closing, you have the right to any rent paid for the month you own the property AND the prior owner must turn over security deposits (I'm guessing you're smart enough to put that in the contract). I once backed out of a deal because the prior landlord didn't use good leases or collect security deposits.
The prior owner can also turn over rental history to you. I would request three years worth of records to see how well your tenants have been paying and how much $$ . Beware the landlord trying to pass off his bad tenants. If possible, meet the tenants and use leading questions to gather information.. "So I see you've been late a few times?" either they object angrily or they 'fess up.
When you purchase the property, you will need to honor any existing leases. If the leases have expired, you must honor local rental laws, but most places give you the option of evicting with 30 days notice for whatever reason. "I want to live there" is a valid reason.
If you want the prior owner to evict and provide you with a ready to live in side, put it in the contract! Good luck.
2007-12-13 08:46:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A typical lease is only for one year. Chances are, they did not just barely sign another lease. You may have to wait the lease out. You can ask your real estate agent how much the spaces are worth to rent. Then increase the rent. You CAN ask them to move, too.
Or, you could be a nice person and ask to meet with both current tenants. Perhaps you can work something out in a civilized manner. Maybe one of them wants to move anyway. Feel it out first.
2007-12-13 07:53:29 · answer #2 · answered by Yup Yup Yuppers 7 · 0⤊ 0⤋
What you need to do is contact the landlord and ask him if he is interested in selling and when the leases are up.
If the tenants are on a month-to-month, you can legally vacate one side with a 30-day notice. Otherwise you have to accept the leases as they are, but you are never obligated to renew any lease.
The only way you can "terminate" a lease is to file for a formal eviction and the tenant has to have breached the lease....I think it would be bad karma to do that to someone just because you wanted to buy it.
2007-12-13 08:01:31 · answer #3 · answered by Gretchen C 1 · 1⤊ 0⤋
Though it may vary where you live, where I live new owners must honor the existing lease. When the lease expires you are under no obligation to renew it, so at that point you can request that the tenants move out. Give them as much warning as possible so that they can find a new place to live.
Check your local landlord-tenant code (in a search engine, type in your state's name and "landlord" or "tenant". Look for the .gov type websites as they're usually the best source for accurate information).
2007-12-14 06:18:29 · answer #4 · answered by Willow Natalia 6 · 0⤊ 0⤋
In such a sale, the lease almost certainly will transfer to you as the new owners. If either of the tenants is month to month, you can have them leave by giving a thirty day notice to vacate. If they are long term lease tenants, you will have to wait until the leases expire on their own.
2007-12-13 09:00:28 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
Unless the existing tenant lease specifies that it terminates in the event of sale, you'll have to honor the remaining term of the lease. If it's a month-to-month or just a short term you can just date the closing after the unit is vacant. [Unless of course you live in one of the few communities that have rent control where only death terminates a lease]
2007-12-13 10:31:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Tenants rights come into play, and you as the new owner would have to, by law, fulfill the landlord's agreement to lease the property to those who signed the contract for the period stated in said contract.
In other words, yes, you have to honor any contract in place...the tenants rights laws came into being to protect folks from being thrown out of a rental property when they had a lease...it is not their fault the property was sold. Morally and legally, you must abide by their pre-signed contract.
2007-12-13 07:57:24 · answer #7 · answered by Toots 6 · 0⤊ 0⤋
In my area, the tenant has the right to stay for the remainder of their lease. You could purchase and then evict the tenant, but could be a long (and expensive) process if they fight they eviction. Some tenants just leave as soon as they find a new place once they are served a notice of eviction.
2007-12-13 08:56:15 · answer #8 · answered by godged 7 · 0⤊ 0⤋
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2016-09-05 12:09:36 · answer #9 · answered by ? 4 · 0⤊ 0⤋
You must honor the current lease. You, as the landlord, have the option of renewing the lease.
2007-12-13 07:52:37 · answer #10 · answered by C B 2 · 1⤊ 0⤋