Portland, OR · Member since 2016 · 11 posts · 4 votes
I just put a house under contract and I am trying to figure out how much notice I need to give the tenant if the deal goes through. I know that here in Portland, Or. there have been some changes in our laws in favor of the tenant. I am trying to find the pertinent statues so that I can keep everything above board. Any help would be appreciated!
@Account Closed As Benjamin has mentioned, be aware of the new rules that Portland just created and how that will affect your negotiations and management.
Make sure you get copies of the current lease. Understand the consequences of giving a no cause notice and when you would be required to pay relocation costs. Also know that there is a 90 day notice (technically 93 to account for mail time) to do this. All these things will add up into how you want to proceed with the transaction.
Be careful with this one. In some states, even if the tenant is on a month to month lease you'll need to give them additional time to vacate if they have lived in the property for longer than 2, 3, etc, years.
It sounds like you are buying the property occupied. With a house, is there a reason you're not buying with the house vacant making the tenant the sellers problem? The challenge is that it's going to get expensive for you if the tenant goes sideways and you have to evict or do cash for keys and they end up destroying the property.
The tenant may be great now but things can go sideways quick. I would try to mitigate that risk and put the responsibility on the seller.
Look into this too. Portland just passed an ordinance that requires landlords to pay for the move out costs of the tenants up to $4,500. I am not sure when the ordinance starts.
@Account Closed As Benjamin has mentioned, be aware of the new rules that Portland just created and how that will affect your negotiations and management.
Make sure you get copies of the current lease. Understand the consequences of giving a no cause notice and when you would be required to pay relocation costs. Also know that there is a 90 day notice (technically 93 to account for mail time) to do this. All these things will add up into how you want to proceed with the transaction.
Hi @Account Closed, sorry for the slow response. To answer your question, having the property be delivered vacant is part of the purchase agreement. If you haven't already done that, you can always add it as an addendum but you're in a much weaker negotiating position, especially if you are passed your due diligence phase and your deposit is hard.
I am 10 days into my 30 day due diligence period. I spoke with my agent and asked about this issue and we came to the same conclusion to make an addendum with the removal of the tenant as a contingency at the same time we ask for a reduced price due to some inspection issues. Thanks for the tip!
@Account Closed As Benjamin has mentioned, be aware of the new rules that Portland just created and how that will affect your negotiations and management.
Make sure you get copies of the current lease. Understand the consequences of giving a no cause notice and when you would be required to pay relocation costs. Also know that there is a 90 day notice (technically 93 to account for mail time) to do this. All these things will add up into how you want to proceed with the transaction.
Neal, I am looking to purchase a property that is in the foreclosure process currently. The current landlord is also going through the eviction process with the tenant in Unit A, while Unit B is vacant. Do you have any advice or reading material that you would recommend to dealing with the eviction process in the situation as well?