New leases upon ownership change?

[Adam Roberts]

Hi team -

I am coming up on closing for a 4-plex in Fort Worth, TX in the first week of August, and in anticipation of the closing I wanted to get some feedback on whether it is customary/smart/typical to draw up new leases with the tenants?

My concerns are:

1 - There is currently a property management company called out on the current leases which I am NOT continuing with after closing.

2 - One of the tenants has a verbal agreement (according to estoppel) to pay rent on the 15th of each month. Although this is signed on the estoppel, I want to get this in writing should anything start getting "funny". I have no problem if he pays on the 15th so long as this is constant month-to-month.

My first reaction is, that I can handle the above concerns in the notice-of-ownership-change letter I send to the tenants... the current leases are very solid and I would have no issue using the current terms and conditions that are laid out. The property management language is really my main concern.

Thanks in advance for the input!

Adam