When to sit down with inherited tenant about new lease??

[Jordan B.]

Hello BP,

When is the best time to sit down and speak to a soon-to-be inherited tenant about the new lease terms, rules, etc.?

I have read it s best to do it before closing and other have told me to do it right after closing. What do you think?

Thank you!

[Jon Holdman]

Yes, they do.  If there's nothing in writing the default rules in your state would apply and would still be in force.  You can put them on a new lease with proper notice.

In another of your posts a reply mentions an estopple letter.  With nothing in writing, you REALLY need this.  In your position, I would not close without it.  This should outline the existing terms between the seller and tenant and be signed by both.  Otherwise you risk lots of bad outcomes.  For example, tenant claims they had $1000 security deposit and seller says there was nothing.  Or seller says rent is $1000 and tenant says its $100.

Also, you need to find a landlord/tenant attorney and get them to review your lease or provide one.  And have a discussion about laws and customs in your area.