Real Estate Law
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Is the tenant currently under a written fixed term lease?
The tenant is under a month to month lease
Ok, then to be honest, legally it doesn't make a difference because any new owner "steps into the shoes" of the old one and becomes the landlord and can enforce the lease.
But from a practical perspective, I would rather have a lease with my name on it as the landlord rather than the previous owner's simply so I wouldn't have to explain the story of how I bought the property if I had to go to court for an eviction or lease violation.
So if it were me, I would have a new fixed term lease ready to go and have the tenant sign the lease that started on the first of the month following the closing.
As an aside, in addition to being an attorney, I have also been a landlord for over 26 years...