Buying a property with current renters

[Brady J.]

I have an offer on a property that has current renters thru June 2019. Am I right that the lease the tenants have with the current property owner will need to stay thru the rest of the lease terms? I would not be able to have a new lease signed once I would take ownership?

Just seems like a confusing concept to me that I wouldn't have an agreement between myself and the tenants while they would be staying in my property. 

[Kenneth Garrett]

@Brady J.

In my state (Illinois) you are required to honor the terms of the existing lease. You will need to check with your state.  If the tenants agrees to sign a new lease you are good to go.  I have bought many properties with an existing tenant there.  Sometimes the lease has expired and it rolls to a month to month.  You can then give 30 day notice and prepare a new lease.  June is not far away by the time you close.   

Good Luck.