Lease Ends One Day After Closing

[Mike G.]

We are looking to purchase a property in which the sellers are requiring the sale to happen on or before December 30th. However, we just recently discovered that the lease for the tenants in place ends December 31st, one day after closing. What recourse, if any, do we have to ask the seller to give 30 days notice (now) and not renew the lease since we do not own the property?

Otherwise, does it automatically go into a holdover/month-to-month lease agreement? If so, it seems like the earliest we could give the 30 days notice for them to leave the property would be December 31st, and we would not be able to take possession of the property until January 31st at the earliest assuming everything goes as planned?

Is this common? I would assume typically the seller would either let the lease run out before selling, or it might be sold with tenants in the property with a month or so left on the lease (giving us time to act, while letting the lease run its course), rather than just 1 single day.