Current Leases and Increases on multiunit

[Ron B.]

I'm in the process of buying a 50 unit apartment building. My question is in regard to the current leases. How does that work when I become owner? Do I write up all new leases immediately under my new company name or do I wait until each lease expires one by one and do it over time? I also want to increase the rent on everyone, do I have to wait until their current lease is up? 

There is no clause in their current leases stating anything about what if the building is sold to a new owner.

[Joseph Catalano]

@Ron B. when you buy the property you buy the tenants and the leases.  But I have found that if you make a gentle transition of ownership and clean up the building a little tenants do not mind signing a new lease with a little higher rent.  We send out welcome letters to all the tenants with a little gift like a key chain or fridge magnet with our company contact info.  It has worked well so far.