Taking Over Existing Leases in Michigan

[Charles P.]

Does anyone know the process when purchases a currently rented/leased small multifamily when it comes to assuming the current leases. Such as modifying or ending leases? Or can guide me to a location with more info. I am currently in michigan in the upper peninsula. 

[Thomas Talbert]

We take over existing leases fairly often and we assume them up until the lease is going to renew and then we make them sign our lease. I know that a lot of PM's will just say to tenants "Hey can you sign this new lease for the same price" and most of the time the tenants just say okay and sign the new lease without asking even though they can decline. 

A Lawyer in Michigan would be the place to get the best advice as these practices can vary by state.