Inherited Tenant Lease Question Charleston SC

[Chris Armstrong]

Hey BP,

So, long time reader first time long term renter. I am buying a house with tenants in place until Oct 31 of this year. We are closing August 16-17, which leaves approximately 2.5 months left of occupancy.  I have contacted tenants already about their plans and they want to stay until the October 31 date which is logical and what I would like as well. The property is currently under property management and there is a lease agreement signed with the company up until that date. 

My question is, will I need to get a new lease in place for the remaining 2.5 months with our names on it, or will the existing lease suffice for the remainder of the original agreement even though the property management company will not be in the picture any longer? 

My instinct says that I will have to draw up a new lease for the remainder, but I wanted a bit of input from those who have done this. Thanks again.

[Tracy Streich]

The lease transfers with the purchase.   You do not have to get a new lease.   If you were wanting to keep them long term I would say get them on your lease.   However for 2.5 months I would just leave it.   Make sure you read it carefully and see how much notice you need to provide them on the non renewal.