Taking over a lease at sale

[Kathlyn Lewis]

Hi,

Wondering if anyone has any input on how to go about taking over a lease when buying a property. We are about to close on a duplex that has six months left on a lease for one unit and a new month-to-month contract on the other unit. Do we need to set up an entirely new lease or can we just assume the contracts already in place?

Also curious - someone posted a couple years back about a service they use for online rent collection that charges $3/payment. Anyone know what that service is?

Thanks in advance for your help!

Cheers.

[Matt Devincenzo]

Leases legally survive a sale, so unless your tenant allows you to give them a new lease and signs it you're stuck with it. Which, and this is important, you are bound to the terms of that lease whatever they may be so make sure you know what you are agreeing to.

Search here on BP for "e-stoppel letter" that is something I would require prior to closing.