General Real Estate Investing

User Stats

12
Posts
1
Votes

New Lease for Existing Tenants

Posted Jun 7 2022, 09:28

I am closing on a property with existing long term tenants.  When should I present them with the new lease?  Thank You

Wilkes Barre Scranton, Pennsylvania

User Stats

3,517
Posts
2,885
Votes
Kenneth Garrett
  • Investor
  • Palatine, IL/Florida Panhandle
2,885
Votes |
3,517
Posts
Kenneth Garrett
  • Investor
  • Palatine, IL/Florida Panhandle
Replied Jun 7 2022, 14:19

It depends on your state or local law.  Many states require you to maintain the existing lease and when the lease ends you can enter into a new lease.  I usually prepare the new lease and contact the tenant about 45 days before the old lease expires.