Updated over 5 years ago on . Most recent reply
Inherited tenant lease
Hello, everyone!
We just purchased our first duplex, to live in one side and rent the other. We have a long-term, month-to-month tenant in the other side who is an on-time payer and good renter. She last signed a lease with the previous owner in 2018. Now that we own the property, do we need to have her sign a new lease, in our names, or what is done with a month-to-month tenant? I live in Texas.
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- Real Estate Broker
- Cody, WY
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If the existing lease is well-written and meets your standards, you can keep them under that on a month-to-month basis, at least for a trial. Of 3 to 6 months. Had a minimum, you should write them an introduction letter that lets them know you are the new owner, where and how to pay rent, how to report maintenance issues, or any other specific instructions you may have. If you are living on the property, this is an excellent opportunity to set boundaries! Let them know you want all rental related communications in writing, otherwise they will knock on your door and tell you about the leaking faucet at 9:30 p.m. there is nothing wrong with being friendly with your neighbors, but the tenant landlord relationship should remains more formal.
- Nathan Gesner
