Buying occupied rental w/ no lease agreement

[Roberto Ramos]

One of my leads is a mobile home that the owner is renting. She does not have an official written lease but says the verbal agreement she has with the renters will end in December 2019. Should I pressure this lead? If so, what options do I have as far as the renters? Should I make them sign a lease that ends in December per the verbal agreement?

Are there any other things I should look out for?

[Sean McDonnell]

There is no such thing as a verbal lease agreement, at least not one that would hold up in court.  If you desire to move forward with the purchase, I highly recommend you have the tenants sign a written lease prior to closing on the deal.  If they refuse to sign a written lease that is a MAJOR red flag which means you will probably have to evict them as soon as you get ownership.. But it could be as easy as having them sign a lease under the same terms as what they are paying now.