Can I sign a lease before I own the property?

[Kelly N.]

Hello BP,

We are purchasing a new property, should be closing April 3.  One lease is up May 1, there are 3 tenants but only one wishes to stay.  She wants to move in her mom and sister.  

I am happy to let them apply and make sure they qualify (3x rent in income, no criminal background and no evictions) before we close, but can I sign a lease with them?  I am guessing it i better to just qualify them and wait til we close.

Thanks in advance!

Kelly

[Michael Noto]

Wait until you close, you have plenty of time to run them through your application process and sign them to a new lease for May 1 if they are tenants you end up approving.