Buying a Property and Assuming the Lease

[Creighton Bertrand]

Hi guys I did a search and didn't see anything about assuming a lease so thought I'd post it here.

If there is an existing thread please let me know and I'll delete this one.

Anyways, I just bought a duplex and both units have tenants with 1 year leases.

My question is what do I need to do to take over as the new landlord? Do I need to write up a lease addendum? 

My main issue is with having them sign agreement to pay rent on time and penalties for late payments as well as new instructions for payments, as the payments will be to me now rather than the old landlord.

Any help or advice would be greatly appreciated as well as any steps you took when you bought a place with existing tenants. Thanks in advance for your input!!!

[Cody L.]

When you buy a property you assume the lease as is. The only thing that changes is who they pay. If there were no late fees or generous due dates, those are yours now.