EXISTING TENANTS WITH NO LEASE IN PROPERTY FOR SALE

[Scott Coleman]

I may buy a Duplex in TN with existing tenants in prospective property that has no lease agreement. How should I frame the offer and/or handle this situation. I want to keep tenants.

Thank You,

Scott Coleman

[Colleen F.]

@Scott Coleman  there is always an agreement and it may be verbal.  

In the sales agreement put in that the sellers may not sign a written lease  or make verbal agreements with the tenant other then the month to month agreement they already represented to you. They should prorate any rents and transfer any security deposits on account. 

You need an estoppel saying what the current amount of rent and deposits are before close.