Real Estate Agent · rutherford, NJ · Member since 2015 · 122 posts · 33 votes
When you buy a property with tenants with leases , does the old lease still hold good? Can you renegotiate the terms or give a new lease? Thoughts appreciated!
Frisco, TX · Member since 2017 · 201 posts · 95 votes
8y
old lease applies. You should review all leases before offering or during "inspection period." You can also ask for the results of the background/credit checks and each tenants payment history. If they are beyond their lease term and have a month to month you can have them given notice prior to closing and/or have them sign a new lease (as well as background checking and running credit) when you become the landlord.