Seller have no lease agreement ..how can i get it work ?

[Vishwa Mishra]

Hi Bp, I am looking for some input I am closing in on property where the seller is saying they don’t have lease agreement apart from section 8 voucher/form . He have send me that but it does not contain details on how to use the property ( basic housekeeping stuff) that you property management send . Also seller said he was managing it through its own llc. My question is what is the best way to go about it so i can have lease in place once i close 1:Do i have wait till current voucher expire ? 2:can i ask my pm to send new lease to tenant once i close ? -Vishwa

[Richard H.]

Hi Vishwa - I'd reach out to the section 8 coordinator before closing on the property to ensure the tenant is still valid. Then I'd have the tenant sign a new lease once you take over. 

Regardless of whether the lease is with a different owner, it's good to have the lease between you and the current tenant.