what to do with existing tenant lease upon close of contact ?

[Nathan Ku]

Hi Friends

I am closing a contract for a multi family unit in California with existing tenants for which lease ends mid 2020 (next year)

What do you recommend I do with the lease at the close of contract?

Do I need to re-write the lease with same terms and different owner name/contact?

Please advise.

Any other guidance that one needs to do in such situations is greatly appreciated.

Thanks !

[Theresa Harris]

Just make sure you have their contact info, they have yours and they know who to pay the rent to.  I'd also do an inspection of each unit because you won't know what damage was existing prior to them moving in.  this way, you can say as of Oct 2019, you knew the condition of each unit.  It will also allow you do see if there are any minor repairs that need to be done.  

Make sure you get the deposits from the seller along with prorated rent.