New Rental, Existing Tenant

[Chibu Ogu]

Good evening! I should be closing on a rental property in Baltimore in early June. The previous owner has a fabulous existing tenant who has signed a lease until May 2019. From what he’s told me she’s been a model tenant for the last 2-3 years and I would definitely like to keep her. I’m sure she signed a lease with the previous owner and gave a security deposit. Has anyone previously been in this situation? What is the best way to handle the transition? Should the lease with the previous owner be voided and her deposit returned? Then she could sign a brand new lease / submit a new deposit with me. Advice is appreciated. :-)

[Jonathan Towell]

Hi Chibu,

When you purchase the property, the lease will transfer to you. Make sure you introduce yourself to the new tenant and be clear about where payment should be made and how they can get maintenance help. The security deposit should also transfer to you. Make sure you see that on your settlement statement.

I hope that helps! I wish you the best.