Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

2
Posts
0
Votes
Jonathan Raz
  • Portland, OR
0
Votes |
2
Posts

Buying a Multifamily - New Tenant Lease

Jonathan Raz
  • Portland, OR
Posted

I have an offer on a duplex that has been accepted by the Seller.  I will be occupying one of the units, and the current tenant will remain in the other unit.  The current tenant is paying roughly market rent and is subject to a month-to-month lease.  I've reviewed the terms of the current month-to-month lease and would prefer something a bit more fulsome.  A few questions about this:

  • Does anyone have experience requiring a tenant to sign a new lease after a sale closes?  Any way I can force the Seller to have the tenant sign this before closing, even if the Seller isn't party to the new lease?
  • How about requiring the tenant to obtain a renter's insurance policy after closing, even if a prior landlord DID NOT require it?  

My main question is figuring out how to get the Seller on the hook to make sure that the tenant signs the new lease and obtains a renter's policy before or simultaneous with the sale closing.  

FWIW, this property is in Portland, Oregon. 

Thanks in advance for any advice.

Loading replies...