Updated almost 9 years ago on . Most recent reply
Lease contract advice
Hi,
I'm looking for some advice on how to handle my current situation. I purchased my first rental property from FSBO which was vacant. While in escrow, the owner wanted to help me out to get a tenant in there, I said sure but only under the conditions that I screen the tenants first. A week goes by, the owner calls me and tells me he got tenants and that they already moved in yesterday. I was happy and upset at the same time. I reviewed the lease agreement and it's very basic and maybe only 5 pages long. I spoke with the tenants and they are fine to sign a new agreement with me under the same 1 year term from the previous owner.
My question is, what should I do in this situation? Is it legal to have them sign a new lease agreement or does the old agreement just carry over?