Inherited Tenants- Existing Contract, Old Landlord on contract

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Inherited Tenants- Existing Contract, Old Landlord on contract

Patrick Owens
Rental Property Investor · Charleston, SC · Member since 2018 · 29 posts · 13 votes

So, I closed on a rental property last week with a new contract in place (12/2020).

I know that I must maintain the original contract terms. Since the contract was between the previous owner and the tenant, should I try to have a new contract drawn up and signed or possibly an addendum stating the contract is between us and the tenant?

They have been good tenants for the previous owner, but I would like to have coverage for us

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
6y

I provide them with a one-page letter that references the existing contract and then states who I am, when I took over, how they can contact me, and how/where to make payment. It doesn't have to be anything fancy but you should have something in writing, signed by all parties.

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  • Account Closed
    Rental Property Investor · Central, FL · Member since 2016 · 950 posts · 821 votes
    6y

    Edited below

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  • Account Closed
    Rental Property Investor · Central, FL · Member since 2016 · 950 posts · 821 votes
    6y

    @Patrick Owens 

    1Reply
  • Stephen J DavisBusiness Member
    Rental Property Investor · Houston, TX · Member since 2017 · 529 posts · 467 votes
    6y

    I don't think you need to do that. I have always just honored the present lease and never had a problem.

    2Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    6y

    The PAR lease has a section at the end where the seller signs it over to the new landlord.

    1Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    6y

    I provide them with a one-page letter that references the existing contract and then states who I am, when I took over, how they can contact me, and how/where to make payment. It doesn't have to be anything fancy but you should have something in writing, signed by all parties.

    The DIY Landlord Book4.7248 Reviews
    WebsiteView Page
    3Reply
  • Patrick Owens
    OP
    Rental Property Investor · Charleston, SC · Member since 2018 · 29 posts · 13 votes
    6y

    Thank you everyone for the information.

    We sent a welcome letter to the tenant on the closing day. It was especially important because they were new to renting and new to the state. They voiced concerns to the previous owner that we would toss them out or immediately raise rents. The letter was sent to calm those fears and give them the necessary information (who we are; how to pay rent; who to contact us for emergency and non-emergency issues; etc).

    We just wanted to make sure that if something ever “got ugly” that the tenant couldn’t say that the contract was not between us and them.

    I will look at the existing contract for verbiage on turning it over to us.

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  • Anthony Wick
    Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
    6y

    @Patrick Owens

    In addition to what everybody said, make sure to schedule an immediate walk through of the unit. Consider it a “move in” Check sheet. This way you know the current condition of the unit, and any damages, for when they move out. Then they cannot say that damage was already there when they moved in.

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