Leases and Interest on Deposit

[Jessica Flack]

I just acquired a 4 plex and I am wondering if I am able to terminate current leases and have tenants sign a new one with my terms? I was looking up the laws and it says there is no statute for that in my state. Does that mean I can do whatever I want? Or is there a federal law pertaining to the sale of a property and leases? I have read that the leases go with the sale of the property, but I really hate one of the leases and I am looking for any loophole I can to change it. Can I make an addendum or something? Her current lease states that she gets $100 off rent to mow the lawn and shovel the walks in the winter, but I don't need that done. I will be living on the premises and will do that myself.

I am also wondering about paying interest on security deposits? It says there is no statute for that either, but I think there is a federal law that states I must pay interest on deposits older than a year? How much interest do I have to pay? I have read a lot on it, but I am getting conflicting information, so I am confused. I have a couple tenants who's leases are up next month and I don't know how much interest I am supposed to give because I don't know how long they have been there. Or do I just go off of when I acquired the deposit? The previous landlords weren't very good at record keeping and it has already been a pain.