Rental Property Investor · NorCal · Member since 2018 · 399 posts · 222 votes
I'm closing on my first duplex! Yay! Do I have to give tenants new leases with my name as their new landlord or can I just leave all as is, go introduce myself and tell them who and where to send rent?
Also, it's owner-occupied so one tenant was notified during escrow to vacate. Does anyone think if I come over with a gift basket and a $200 gift card as a "sorry you're getting pushed out" it is a gesture too much or unnecessary? What is the usual protocol for a new landlord of existing tenants?
I gave mine new leases and they had no problem signing it. However, they knew that I was coming in and fixing things so they were happy to sign it. IMO it is best to get them on your own lease so everything is covered.
@David de Luna. Congratulations on acquiring your first property.
Probably should check state and local laws about new leases and parameters for notice to vacate.
Presuming there are existing leases, you will have to honor them until they expire. Generally speaking, you don't have to give tenants new leases, just notify them of how and to whom to pay the rent.
Assuming you are going to self manage, suggest you have an informal meeting with each tenant to establish rapport and get their take on any items in the unit needing work.
I'm buying one next week that is rented. I gave the tenants Estoppel agreements and told them if they want to stay I will keep the rent the same til the end of the year. On January 1st they have to sign a one year lease with a $50 increase. they are currently month to month. and both tenants agreed.
As far as having to remove one (glad I don't have to) I would be professional and polite. Hope it goes easy for you.
You can ask a tenant to sign a new lease at any time. However, unless they agree to it, which they won't unless it benefits them, you and they are bound by the current lease terms, conditions, and dates. For example, if you, for whatever reason, wanted the tenant to sign a new lease lowering the rent by $200, I'm SURE they'd have no problem signing it. If you want them to sign a lease changing the dates, it may be hit or miss depending on the tenants situation. If another year at the same rate benefits them, they'd likely sign. If not, they probably wouldn't.
I gave mine new leases and they had no problem signing it. However, they knew that I was coming in and fixing things so they were happy to sign it. IMO it is best to get them on your own lease so everything is covered.
Instead of trying to get your tenants to sign a new lease, I would recommend just having them sign a new lease at the end of their lease term. Make sure you've read through the current lease agreement and your state's landlord-tenant laws so you know your rights and responsibilities as their landlord!
@David De Luna
Yes, new leases if your local laws allow. Most jurisdictions allow you to actually move tenants upon pur/sale, but check the laws. I’m not a legal specialist.
New leases allow you to have doc written YOUR way. That way your protections and rules/procedures are in there.