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Updated over 7 years ago,

User Stats

17
Posts
3
Votes
Margaret Rodriguez
  • Real Estate Investor
  • Plainfield, NJ
3
Votes |
17
Posts

New Owner of FHA tenant occupied duplex. Need advise.

Margaret Rodriguez
  • Real Estate Investor
  • Plainfield, NJ
Posted
Hello all! I'm in the process of purchasing a Montgomery County, Pennsylvania property with an FHA mortgage (owner must occupied) Need to move in within 60 days of closing. Two current tenants with the same lease stating: Box is checked next to this: "If checked and landlord sells the property, during the lease or any renewal term, Landlord has the right to terminate this lease if landlord gives written notice to tenant at least 45 days prior to the settlement date of the property defined in the agreement of sale. Tenant is not entitled to any payment of damages." I just need the lower unit tenant to leave. Lease is up 3/2018. Question 1, As a new owner, can I give that 45 day notice to quit once we close? Question 2, If not, can seller give this notice while under contract with me 26 days before closing? Question 3, If I can do none of the above, and have to wait until the end of the lease, will I be penalized by the FHA program? Any help with this is greatly appreciated

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