Real Estate Law
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This is a pretty common situation. You simply need to include in your purchase agreement with your seller that it's a condition precedent to your obligation to close that the existing tenant agree on or before closing to enter into a longer term written lease on terms and conditions satisfactory to both you and the tenant with the proviso that if that doesn't occur on or before a specified date, you have the right to terminate and receive your earnest money back. Then, you can approach the tenant with the situation and work out the terms of a lease agreement acceptable to both of you with the only condition to it becoming legally enforceable that you close the purchase of the property. If the deal fails to close, the tenant is not obligated; if you do close, the tenant is obligated.
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would I be better to have the seller extend the lease (its a month to month) to 6 months to "lock in" the tenant then at time of purchase take over the lease? I am submitting an offer tonight so what language should I use in the offer?
Good morning. I see that you were submitting your offer last night. I'm sorry I was unavailable. Are you still needing assistance?