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Updated about 3 years ago,
Having owner give notice to tenants before purchasing property
Hi all! I am in the process of buying a triplex, and there is a unit with tenants in it that I need vacated prior to closing. The reason is that we are buying it owner occupied, and this is the only feasible unit for us to live in (and thereby, underwriting requires that we prove the tenants are gone or leaving). The property is in Oregon, which requires that landlords pay relocation costs for tenants they are evicting. My question is, how should I word this in the sales contract? My tentative closing date is January 15, and the tenants would not be vacating until March (assuming they are given their 90-day notice now). What would be the best way to word this in the contract to assume the least amount of risk? I want to make sure the owner is fully liable for giving the tenants notice and covering any relocation or related costs. Closing after January is not an option in this market, as that would make our escrow over 90 days. Any input on this would be greatly appreciated. Thank you!