Lease agreements - Landlord Forum thread 358097

Lease agreements by Barbara on July 4, 2018 @07:40

My husband and I recently purchased a few houses from this lady who wanted to sell her properties. She has existing tenants is most of the duplexs. My question is should we just use her old lease agreements (which she gave to us) with these tenants until it expires, or should we make them sign a new lease agreement with us but keep the old dates?? Help We Are New Landlords!?!

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Re: Lease agreements by Robert on July 4, 2018 @12:00	[ Reply ]

If you're buying an occupied building, you're buying the lease too. The existing lease can be modified, but only if both parties agree (they don't have to agree). However, the occupants probably don't know that. So that being said, I would present them a copy of MY lease with a 12 month term beginning the day that you take possession of the property. That way they'll be on the hook for a bit longer and they'll be playing by the rules that you want them to.

Re: Lease agreements by Nichole on July 4, 2018 @14:12	[ Reply ]

It may be hard to get your existing tenants to dance to a new tune, you you may want to leave things as they are leasewise and use your lease when you get new tenants. If you impose new rules against the tenants, they will probably resent you for it.

Re: Lease agreements

Re: Lease agreements by Dayna on July 4, 2018 @23:49	[ Reply ]

How do you know that these existing tenants meet your rental criteria? Don't you think that you would want to find out if the existing tenants are worth keeping? My process would be to vet the existing tenants before I offered them any lease extension. Before I offered them a new lease I would want to pull their credit and run a complete background check. Obviously you have to honor the existing leases until they terminate.

Re: Lease agreements by Chele on July 6, 2018 @20:26	[ Reply ]

You might also need to check the local and state rental codes to see if you are obligated to renew the lease. The California municipality where my rental is requires me to renew leases after two years of tenancy except for certain violations. The municipality limits the amount of rent increase and dictates that I must provide 60 days notice. That's great that you bought buildings with a history of paying tenants!!