Lease changes after taking over ownership

[Eric Dame]

I have my first MHP under contract and am I beginning due diligence. If I end up buying the park, do the leases from the prior owner immediately become invalid? Do I have all tenants immediately sign new leases and is it ok to raise lot rents right off the bat, even if they recently moved in under the prior owner?

[Ned Carey]

@Eric Dame no you must honor existing lease until they expire. If they are month to month then you need to give appropriate notice before changing the lease. 

However nothing stops you from approaching the tenants and asking them to sign a new lease. You just cant require them to do so.