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Updated over 2 years ago on . Most recent reply
First Multifamily Purchase- Questionable Lease Documents
Hello,
We are in the process of purchasing our first multifamily! Our contingency on our offer was to evict the first-floor tenants to owner-occupy the first floor, as I use a wheelchair. The first floor tenants do have a lease that they just re-upped in April. We tried offering them $5k, and then $10k to terminate their lease agreement to move out, but they won't budge. The house was listed as second and third floor tenants with month-to-month leases. So, we decided to change our contingency on purchasing the property to evict the second floor tenants. My wife and daughter will live in the second floor, and unfortunately we will have to find somewhere for me to stay in the interim until we can all move into the first-floor.
With the new contingency, the second floor tenants are claiming that they also have a renewable lease. This document has not been produced in a week. Their deadline is tomorrow to have the document produced. The current owner of the property just purchased it a month ago, and is selling it for a quick profit. The current owner apparently does not have any copies of the current tenants' leases/agreements. The realtor has reached out to the original homeowner to request the lease document for the second floor tenant.
I'm looking for any guidance/recommendations for this predicament we are in. Again, this is our first property and we are trying to learn, so we appreciate anything you can share!
Thank you!
Most Popular Reply
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Their agreement to renew/extend the lease was with the Seller. If they can't provide verifiable proof, then it doesn't exist and they'll need to leave.
Consider consulting an attorney.
- Nathan Gesner
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