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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33803
Experience:  15 years real estate, Realtor. Landlord 26 years
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In buying a rental with a tenant I want to keep there, is it

Customer Question

In buying a rental with a tenant I want to keep there, is it better to extend the seller's lease with my terms added in or have the tenant sign my lease with him that is effective at closing of the sale? Or do I give the seller my lease that he signs with his tenant that I takeover at closing? What is my best option to protect my interests..and why?
Submitted: 28 days ago.
Category: Real Estate Law
Expert:  Barrister replied 28 days ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Is the tenant currently under a written fixed term lease?

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thanks

Barrister

Customer: replied 28 days ago.

The tenant is under a month to month lease

Expert:  Barrister replied 28 days ago.

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.

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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.

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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.

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As an aside, in addition to being an attorney, I have also been a landlord for over 26 years...

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thanks

Barrister

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