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Updated almost 8 years ago,

User Stats

7
Posts
0
Votes
Adam Palace
  • Investor
  • Butler, PA
0
Votes |
7
Posts

Closing on Deal with Existing Tenants

Adam Palace
  • Investor
  • Butler, PA
Posted
I am getting ready to close on a triplex that currently has two tenants that wish to stay. Prior to closing I sent my realtor the rental application that I currently use for the existing tenants to fill out and return prior to me sending out my lease for them to sign. I received the following response from the Seller's realtor: "per PA law, the new owner has to accept the current leases until they expire. Once ownership has been transferred, the buyer can then mail the applications and work directly with the tenants as the new legal owner of the property, but unfortunately not any time before closing. He can then also give 30 days notice to vacate to them if he wishes at that time." One tenants lease does not expire until December 2017. When is my first opportunity to have the tenants sign my lease...at closing? December? I thought the previous owners lease would be void once the property transferred ownership. Am I wrong?

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