Late Rent Right After Property Purchase

[Evan Haag]

Hi BP members, 

I have a question that needs some expertise from the forums. I just purchased a multifamily property in the state of Kentucky, in which one of the tenants was late on their rent. Of course during the sale of the property, the owner said all tenants pay on time, etc. but he revealed at closing that one of the tenants had not paid for that month.

As written in the lease she signed with the previous owner, there can be a late fee assessed for this late rent. However, that lease is with the property owned by the previous owner's LLC.

My Question: Is there a process in which you can transfer the lease agreements from the previous owner's LLC to the current owner's? (myself).

Thanks!