Old Owner Signed Lease During Escrow

[Irene Chen]

We just got a new property with tenants in it and found out the day after closing that the old owner signed a new year long lease after the property was under contract and did not let us know. Is that okay? It's not a huge deal as the rents aren't that far below market value but I'm kind of upset that I wasn't notified. They told me that they didn't have a lease for this person and they were just month to month.