Verbal Month-to-Month Lease and New Ownership

[Matthew Lindsey]

Hi,

Im getting close to closing on my 1st multifamily property and I'm in need of advice and opinions. A little background on the property: The property is 2 brick ranch duplexes on crawl spaces and on one piece of property. The tenants are month to month with verbal leases, I have signed estoppels. The tenants have been there 2,10, and 13 years.

My questions is:

-I feel like I need to have the tenants sign a written lease once I take over. I feel like month to month leases are better now days especially since they are long term tenants already. With written month to month leases, do the tenants have to sign another lease each month or is there a way to word it in the lease where it continues until I decide not to renew it. I may be mistaken but if they just sign one time when I take over and I just keep accepting rents every month after that doesn't the rules of the lease they 1st signed stay relevant until they leave or I ask them to leave. Can they still be held accountable if they break rules only signing one time? With the lease on BP I got I'm not clear on what the blank in font of month to month is for, if that somehow keeps the lease going until I decide to not renew their lease. I attached the line from the lease: Subject to the terms and provisions of this Lease, Landlord leases the Premises to Tenant from twelve o’clock noon on ____________________, 20______ until 11:59 p.m. on ________________________, 20_____ or ___ on a month-to-month basis (the “Term”)

Any help is appreciated.

Thanks,

Matt