Learned tenant moving out right before closing

[Randy Beadles]

Ok, here's a strange one I'm not sure how to deal with, I'm purchasing a duplex with an existing tenant in one of the units. The seller said they have only had a verbal lease for many years (family-friend situation) and provided me with a written explanation of their agreement, dollar amount, history and tenants maintenance responsibilities. I am schedule to close next Friday but learned today that the tenant will be moving out prior to closing. I agreed to purchase the property and assuming the tenant would stay. Does this not change the terms of the agreement?

[Mike Dymski]

Unfortunately no, that's the pitfall (or benefit in some cases) of purchasing rentals with no leases or month-to-month leases.