must existing leases for current tenants be upheld when purchasing a new property?

[Brandon McCombs]

I'm about to close on a 9 unit building. There are currently 3 tenants with leases. I'm wondering if I have to abide by these existing leases or if I can terminate them at any time? The leases are for a contract agreed to by the current owner and the tenants so in theory I don't have to honor them, right? Or because the lease grants the tenant rights to use the property that means I have to abide by them until the initial lease term is up? If the leases are month-to-month by now then I would only have to wait 30 days anyway, right?

thanks