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Updated over 5 years ago,
Inherited Tenants Virginia
Hey all,
I am closing on my first investment property that is a residetial home. I acquired the house thanks to the current tenants who informed me that the owner was foreclosing allowing me to purchase it at auction. The tenants are great and have sent me their current rental agreement. The home was previously managed by a professional property manager and the rental agreement looks rock solid to me and do not see the need to change anything. I have learned that I have to honor the current agreement to the end of its term. My question is, what do I do to make sure their current agreement will be honored once I take over? Do I print their current agreement and have us all resign? Not sure what to do in order to ensure the current lease holds up in case of tenant issues down the road.
Thanks