Bought a triplex in the middle of a possible legal battle

[James Bynum]

So we are in a little bit of a pickle, and I could really use some 'this is what I would do' advice.

We just bought a triplex (our very first rental property) in Phoenix at the end of December from a wholesaler. Haven't received any rent checks yet and we have had no contact with the previous owners, so I went over to hand out late rent notices after sending out letters to let the tenants know of the ownership change. Knocked on one door and after talking to the current tenants, it seems the original tenant has possibly moved out, but is in a current lease, but supposedly being sued by the previous owners for failure to pay.

The people in there right now are okay with signing a new lease, but I'm just not sure what to do with the original lease legally. With no contact how can I find out what the situation is? I have looked up court records for the tenants name and I can't find anything active. So I don't know if someone here is trying to lie to me, or if they are being lied to. They said they paid half the rent already to this mystery leaseholder.

I seriously have no idea where to go from here.

[Bob E.]

I would get a lawyer familiar with RE law.   The local AZREIA has some referrals 

From the AZREA website : 

We have used them and usually for 300-500 you get a resolution.  Don't guess or muck it up by doing something that is not compliant with the law.   Start out right.

KEYTLaw, L.L.C.

Richard Keyt has practiced real estate and business law in Arizona since 1980. A former partner in one of the largest law firms in Arizona, Rick offers big firm expertise at small firm prices. Few Arizona lawyers form as many Arizona LLC's as Rick. For information about Rick's Arizona LLC formation services, go to www.keytlaw.com/form llc. Rick's Arizona Real Estate Law website at www.keytlaw.com/az/realestate/azrelaw.htm contains lots of information about Arizona real estate law. In addition to documenting transactions and preparing and reviewing contracts of all kinds, Rick's areas of practice include purchases and sales of homes, raw land and commercial property. Rick is also an state planning lawyer who prepares Wills and Trusts. For information about Arizona estate planning, see Rick's website at www.keytlaw.com/ep. Special Offer: Form an Arizona LLC including expedited filing fee, publication, operating agreement and 16 page legal summary for $595. AZREIA members only!

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