Buying Property with Tenants Already There

[Lincoln Lewis]

Hi, We're in contract to buy our second rental property so I'm a bit green. It's a duplex with tenants in both units with existing lease agreements. How do I deal with things like late fee policies, collecting rent, etc when they've already signed a previous agreement?

Thank you for your help.

[Jassem A.]

You're supposed to honor the previous lease if they have written evidence unless the lease term is over and they are month-to-month then you can get them to sign a new lease with your terms and if they don't then I would think that is grounds for eviction proceedings.