New Lease for Existing Tenants

[John Tomassacci]

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

[Kenneth Garrett]

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.