Wholesaling Properties with Tenants

[Kimberlyn L Moultrie]

There is a duplex property that I'm interested in purchasing to wholesale (double close transaction). What happens to the tenants in this process? What happens to the contracts the tenants have in place with the current owner? What will the end buyer need to do in relation to the tenants occupying their newly acquired property? Thank you so much for any help.

[Aaron Poling]

You will want to take a close look at the terms of the existing leases, and local landlord tenant laws. Typically the lease will convey with the sale, and will have to be honored. You may be able to buy the tenants out of their leases if you need to empty the building, but don't just assume that a sale will void those leases. 

Good Luck! Aaron