Updated almost 5 years ago on . Most recent reply
New Owner and Existing Lease
Hi There BP Community,
I just closed on a duplex in Santa Cruz, CA with existing tenants on a month to month lease. As I understand it, until they sign a new lease, the old lease remains in effect. Since we did not get the tenants to sign the lease before January 1st, is it correct to think that they just started another month on their old lease and I'll need to wait to have them sign a new lease beginning Feb 1? Or is there a concession for a new owner to implement a new lease right out of the gate?
Also, does the 30 days notice landlords need to give tenants when raising rent (less than 10%) apply to a new owner? Or would I simply be starting a new lease with a new higher monthly amount?