Inherited Tenants Virginia

[Gus Alonzo]

Hey all,

I am closing on my first investment property that is a residetial home.  I acquired the house thanks to the current tenants who informed me that the owner was foreclosing allowing me to purchase it at auction.  The tenants are great and have sent me their current rental agreement.  The home was previously managed by a professional property manager and the rental agreement looks rock solid to me and do not see the need to change anything.  I have learned that I have to honor the current agreement to the end of its term.  My question is, what do I do to make sure their current agreement will be honored once I take over? Do I print their current agreement and have us all resign?  Not sure what to do in order to ensure the current lease holds up in case of tenant issues down the road. 

Thanks

[Aaron Howell]

I would check with someone more learned than myself but I would think that a new lease would have to be signed with you as the owner.  Also, I wonder what happens with their security deposit from the original landlord since he lost the house to foreclosure.

I've probably opened more questions up than answered but it made me curious.