New lease for tenants already in place at closing

[Robert F.]

Hello,

I closed on a property on June 28 with tenants in place. Fortunately, the tenants that were occupying the unit I am moving into decided to move out before July 1. This has allowed me to complete renovations before moving in. 

The tenants in the other unit have a lease that says they get 90 days' notice, which was June 7 from the previous landlord. I gave them the option to stay at an increased rent amount starting September 1- just shy of 90 days. They verbally accepted.

I am at the point now where I've asked them to complete a credit/background check. I would like to have them sign a lease asap. Does anyone have a suggestion as to how I should proceed/ how much time I should give them to “apply” before I provide them with a new lease to sign? They aren't super communicative, and I’d like to get a leased signed for September 1 asap.