I just took ownership of a rental property that is already occupied with tenants. Do I have to honor the existing lease agreement or can I make the tenants sign a new lease agreement with me?

You'd have to honor the existing lease. If you don't want them in you can offer to buy them out or an incentive to sign your new lease.

We bought a fully rented building in 2013 -- half the tenants were on leases, half were month to month. We had the tenants sign our LLC's rental agreement. Our agreement had clearer rules and better structure than the previous LL's lease. For those on leases, we kept the lease term (dates) and rent the same. For those on M2M, we gave a 60 day notice of rent increase, right in the new rental agreement. Everybody signed, and no one cared about the stricter rules in our rental agreement. All that the tenants on leases cared about was monthly rent, when the leases expired, and did they get credit for their security deposit. No one even referenced the old lease.

@Dannie Barlow, you have to honor the existing lease. Make sure you have the property owner and tenant fill out an Estoppel Agreement for you.

Check with the previous landlord/owner to see if the tenants put down a security deposit with them. If they did the landlord/owner must turn that (with any interest if required in your area) over to you. If they didn't then I'd collect the security deposits from the Tenants. May have to break them up over a few months depending on their situation. I'd also check with previous LL to make verify that tenants have been paying on time. If the rents are grossly under market now is the time to correct that by either letting the tenants know you'll be increasing to market, or finding a new tenant.

I'm buying two properties that has no lease agreement signed. Both tenants have been living there for several years. Is there anything I need to do before they sign a lease with me?

What if the tenants signed a new lease with the new owner, agreeing to new terms? Does this Void the old lease or can the tenant still hold the old lease over your head?

you have to honor the existing lease. At opinion of renewal you don't have to renew on those term but at your terms. If it is a month to month you can do it as soon as 30 depending on the lease and your state. Otherwise you need to wAit until the lease expires. Do check if it's rent control or other "special" rules.

Does a New Landlord Have to Honor an Existing Lease?Does a New Landlord Have to Honor an Existing Lease?

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Does a New Landlord Have to Honor an Existing Lease?

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