Hello, I am closing on my first property, a duplex, next month. I will be inheriting a tenant and I realize I have to honor her current lease until it expires. My question is, do I not have her sign my lease until her current lease expires, or do we use a combination of both the existing and new leases?
Thank you for your time,
The lease transfers to you upon closing and is just as valid as if it had your signature on it. You do not need her to sign a new lease for the current term. You will probably want to put this tenant on your own written lease once this expires. In that case, send written notice in accordance with your state laws, usually 30 or 60 days from expiration of current lease, explaining that her options are to sign a new lease or vacate at the end of the current term. Since this is an inherited tenant, you will want this new lease to be month to month.
The lease stands as is until it expires. You should write a letter letting the tenant know the landlord has changed and the new address to send rent payments to.
30-60 days before lease expires, send your lease with an explanation that you're the new landlord and this is the new agreement.
Congratulations on your purchase!
Thank you, Karen!