Making Offer - tenant contingency options

[Brett C.]

Hey Investors.  I'm writing an offer ( NH property) on a two-fam with tenants in place.  I may or may not want to keep the current tenants.  How does this work in terms of contingencies in my offer?

Ideally I'd like to screen the current tenants and transfer their lease into MY lease on the day of closing if they pass my criteria.  Can I do that?  I know I can make my offer contingent on the property being empty, so why couldn't I make a contingency that says I have 10 days after the home inspection to screen and ensure the tenants will agree to my lease terms?  Or something like that.  

Ideas?

[Deanna McCormick]

Asking to receive the property empty will delay your closing, the current landlord still must follow state laws for removing the current tenants. Providing proper notice. If any issues come up that could delay everything.

I would ask to see current leases and any credit screening approval type of forms should transfer to you as new owner. you should ask for paperwork for the past that covers those tenants from when they moved in.

I wouldn't see a problem with inheriting those tenants just make sure you as new landlord are aware of state laws for rental in your state. Have new leases ready that transfer terms to you to match what they have now. You want all leases as soon as  you can to reflect that you are landlord so get those prepared and ready for them to sign once you close. Closing doucuiment should prorate rents and transfer security deposits to you date of closing.

Good Luck