I have come across a, in my opinion, good deal in my local area. I am looking at a 4plex that is off market and been going back and forth with the current owner. When we originally looked at the property, it was in the final steps of a renovation and 3/4 vacant. We are now hearing that all units are filled, within the past 2 weeks. I had concerns in regards to the type of tenant that was put into the unit, as the seller knew they would be moving on. Having reviewed the leases, there are a number of grammatical and spelling errors throughout the lease, in addition just language that is very vague or straight up contradicts itself(ie. "Rent includes all utilities. Tenats pais electric."). Yes, that is a direct quote.
This brings me to my question. If the lease is in such bad language, can I have the tenant resign a new lease under the same terms of rental amount and length? Any thoughts on how to handle the situation? This is in MI.
You can always try and get the tenant to sign a new lease but they are not required too. You would then just have to accept the terms and the language of the current lease.
We have been successful getting new contracts in our name. Don't materially change the terms. You need to be very accommodating, drop off the paperwork early, give them time to review it, ask if they have any concerns, address them. Try to get a copy of their applications or at least have them fill out an info sheet so you have more info about who is living there.
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