Transfer from old to new owner of a multifamily property

[Nakia Addison]

How does a new landlord proceed with existing tenants upon transfer of ownership of multifamily property? For example do existing tenants sign new lease agreement with new landlord? 

[Mary M.]

want to add if this is a 5+ multi family property it was sold based on the income it produces and delivering it vacant is not what "is done" ....   remember that you are buying a stream of income.....  if this is a decent purchase then hopefully the tenants are good tenants and you want them to stay.  If this is your first purchase it would make sense to buy something stabilized and running smoothly.