Re: buying house that already has renters - Landlord Forum thread 348513

Re: buying house that already has renters by Stephen (Washington) on September 23, 2016 @18:44

I can't think of anything else you need to do with the current tenants prior to closing on the purchase.

When you close on the purchase the current lease remains in effect so you don't need to have them sign anything (neither a new lease nor some addendum). You do need to provide them written notification that the property has sold and where to send the rent and how to contact you for repairs, etc. I would include a statement about having received the deposit of $XXX from the previous owner. It also helps if the seller also notifies them that there was a sale and who the new owner is. I think of this last part as tying together the old owner (who they know) and the letter they received saying they need to send their rent to a new address.

When the current lease is over you may have them sign a new lease with whatever rental amount and security deposit amount you want. Remember to provide at least the statutory minimum notice. I would provide as much notice as possible of these planned financial changes so the tenant can plan ahead.

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Re: buying house that already has renters by Anonymous on September 23, 2016 @19:25	[ Reply ]

You have to abide by the current lease until it expires. Then you can change the terms and give them the option of resigning with you or moving out. The only other way you can change the current terms is if both parties agree. Will they agree to give you more deposit money now? I doubt it.