Assignment of Lease Agreement(s)?

[Will Schryver]

If I acquire a multifamily (2-4 units) property with full occupancy and tenants locked into a 12 month agreement, what happens in the event of a change in control? In an RE deal, can you assign the lease agreements to a new entity (i.e. my LLC)? Or will I need all tenants to sign a new lease agreement upon change in control? Depending on the response, if I can only assign the existing lease agreements, can I at least amend the current agreements with language that I'm comfortable with?

Any insight would be a huge help. Thanks in advance.

Will 

[Thomas S.]

If a tenant does not sign a esstopal letter then nothing the present owner tells you is binding other than what is in the signed lease.

Leases transfer with ownership of the property. A tenant has the legal right to refuse to sign a new lease, while a existing lease is in place, even if it is exactly the same as their present lease (unless state codes specify otherwise).

If you have not learned your state codes you are not prepared to be a landlord and should not be managing tenants.