Real Estate Law
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Good afternoon, I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. Buying a home that is currently rented is always a bit greater a transaction than one which is unoccupied. Because you are aware of the renter's rights, you are obligated to allow them to finish out their contract---and you are also entitled to the rent from the time of closing forward. If the landlord has been paid in advance, you must arrange to be credited with that rent in your closing. If he tries to remove the furniture before the end of the rental period the renters can sue him for breach of contract and constructive eviction---it could be very ugly for him. While you must abide by the rental agreement, he may not do anything to interfere with the lease---or he may be sued by them and by you if he does it after closing. You may reply back to me again, using the Reply to Expert link, if you have additional questions. I wish you the best in your future, Doug
My sales agreement and addendums are located here:
These is a signed addendum changing the title company:
This is an addendum we were trying to write (after the ratified contract) going to use to handle the transfer of rents/furniture but he doesn't want to sign it - does that matter due to the existing contract?
Is it an enforceable contract?
I am financing the purchase with a 2nd home mortgage. I talked to my lender whether it was allowed to do this and they said that I have a 45 day rental grace period at the beginning of the loan if renters are already occupying the property. 45 days after closing I am not allowed to have renters in it.
The seller knows this, so he may try to book a rental past my 45 day window, jeopardizing my ability to obtain financing. If this happens will I not be able to obtain financing and lose my earnest money or will I be able to cancel any future scheduled rentals with vacation rental tenants?
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