Closing 7/21 HELP: Year-to-Year to Month-to-Month?

[Lynn Tran]

NEED HELP with this 4plex I’m in contract with and the last couple days of inspection period so I’m needing advice ASAP as I don’t have a lawyer for this situation to advise at this time. Sorry for the long post but I figure the details are important!

I am the buyer. The seller has been difficult to get things to me in a timely matter and also discussed having COVID issues during this precess. Closing should be July 21st.

All tenants are on month to month and this one Tenant Unit A is the property manager and on their lease, it says year to year lease agreement. The seller thinks that they can just get the tenant to sign a document that says they will change their lease to month to month but I think that’s not possible. I reside in Louisiana.

Lease Term:

“ 8. The term of the Lease is a periodic tenancy commencing at 12:00 noon on July 1, 2020 and continuing on a year-to-year basis until the Landlord or the Tenant terminates the tenancy.”

I’m wanting to increasing rent by $200/mo for Unit A and I requested a credit towards closing from the seller to offset the loss of income.

From my realtor:

“The sellers broker said that they will not agree to the credit for unit A but it is their opinion that the language of the lease allows them to convert the lease to a month to month lease. They said that they will have the tenant sign a month to month lease immediately if that is your wishes. Please advise. “