Bought Triplex w/ 1 tenant. New lease?

Question

So we finally closed on our Triplex. (What a journey that was!)

There is a tenant in one of the units and their lease isn't up until October. The previous owners used a PM company to manage the property. I know we have to honor the lease but do we have to redraft a lease with us as the new Landlords to be legally binding?

Thanks in advance for the help.

Anthony Cannizzaro · Answer

That's what I was thinking. Thanks, @Kevin Leonce and @Jenni Utz

Kevin Leonce · Answer

Congrats on closing on your triplex. You should do a new agreement honoring the previous terms (between the tenants and the new management).

Jenni Ellis · Answer

Whenever we take over a new property/unit, I always get them to sign our lease. We keep the terms the same, but bring them over to our language on the lease. If you build a large enough portfolio, you don't want multiple tenants on numerous leases. Keeping them straight is a nightmare!

Bought Triplex w/ 1 tenant. New lease?

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