What to do after you buy a property with existing tenants
Hi everyone,
I am purchasing a duplex with existing tenants in it. I would like to move into one unit and rent out the other. Both units are occupied with existing tenants now. I am wondering what are the steps I should take once the purchase is closed. From my understanding, I should do the following.
1. Give every unit a notice of change of ownership within 15 days of the closing.
2. With the unit I would like to move in, do I still have to sign a new contract with them? They are currently under a month to month lease. Should I proceed with talking with them to see how I can help them move out without signing a lease?
3. After the discussion, should I give them a 60 days notice to evict (they have been there for more than 1 year) or get a 30 days to move out notice from them.
4. If I do not sign a lease with them, does it mean I could not collect the rent before they move out.
I could not find much information online. Any clarification or advise would be greatly appreciated. Thanks everyone!
Best,
Gin