I am considering making an offer on a Condo here in LA. Contract price would be below market, and I am considering this as a flip. The condo currently has a tenant that has been there for 8 years and is month to month. Owner says they pay on time but for whatever reason he does not want to evict them before the sale so it will convey with tenant. So I will need to serve them a 30-day notice after I close escrow. Has anyone been in this situation? Anything I should be particularly concerned about, especially given the Covid eviction moratorium? Wondering is this is a pretty standard procedure or if I should consult with a real estate attorney beforehand.
@Timothy B. rent control or rent stabilized? Lived there how long? I would ask for owner to deliver vacant. I don't know your laws out there but I do know there can be relocation fees for long term tenants. They may not apply but you would want to check to be sure.
If the tenant has been there 8 years, you will need to give a 60-day notice. Also ask if the current landlord gave this tenant an AB1482 exemption notice. If not, then AB1482 applies. These are CA laws. IDK if there are any other rules that are more LA-specific. Even in LA, the rules are different in LA city vs. unincorporated LA county.
@Colleen F. @David Lu thank you both. I went by there again yesterday eve and saw a few notices to the landlord posted on the door. It looks like someone tried to do a forceful eviction which makes me think the seller isnt being forthcomming with the tenant situation. That would explain why the owner doesnt want to deliver vacant. Decided to pass on this one since I don't want to risk being wrapped up with eviction court for several months.
@Timothy B. Probably a good choice. Let them know if they get the tenant out they should give you a call. Always a chance they can get it resolved down the road and want a quick buyer.