Non-Renewal of Lease - Inherited Tenant & New Landlord
Hi Everyone!
I am currently in the process of buying my first property -- a duplex! It is fully rented, I am inheriting tenants (I know...), but I am not too worried about that for a few different reasons.
Anyway, I am buying this to owner occupy. The leases expire next June, and in order for the bank to underwrite the an owner-occupied loan I need to move in when the lease expires. I have to sign an intent to occupy the property (no big deal) and also.........give a notice of non-renewal of lease to the side I am to occupy, which the tenants must sign. The worst part is that they just moved in two weeks ago...so I feel a little bad giving them the notice literally two weeks after they moved in -.-
This makes me a little nervous! Also it brings the following questions for those of you with more experience :)
- They are not my tenants yet, so how should I give this notice, knowing they will still be my tenants for another 7 months?
- I don't want to be the mean new landlord who bought the property and doesn't care at all...should the current landlord to give this notice and get it signed? After I take over I'll be introducing myself to them anyway, at which point if necessary I can explain why the lease wasn't renewed.
- Should I ask to meet the tenants before closing to get the document signed? I keep going back and forth as to whether this is a terrible idea or not lol.
- Also...what kind of notice should I give them? Should this just be a standard, vanilla "This formal notice....blah blah...I will not be renewing our Lease Agreement...sincerely, landlord", or should it just be a "I, <tenant sign here>, have been notified that the Lease Agreement will not be renewed and will vacate the property by xxxx, 2018"
Am I just really overthinking this? How would you go about the situation?