All Forum Posts by: Ezra Richardson

Hi @Ezra Richardson On the day of close, the tenant needs to know where to pay rent and how/where to make service requests. Their current lease is in play, regardless of the owner. Until you own the property, you have no authority.

A hello letter announces the change of ownership and answers the above issues. You could also address the renewal issue, in the same hello letter. A month to month lease is renewed every month unless either party (Lessee or Lessor) says something. I use the hello letter to work as a legal notice by asking them to sign whether they want to vacate or to renew with the new owner (the current lease may have language of 30 or 60 day notice.) If they wish to stay ('which I hope you do', I say) the new rent will be 'X', starting on this date 'X'. Negotiation and education may take a few days, or a month, but both parties know right away whether the inherited tenants will stay or go. The new lease agreement is negotiated, signed with the new terms and deposit is paid (how ever you want to collect it.)

@Kathy Henley thank you for the awesome reply! I knew this was the right place to post.
I’ll take your suggestions into consideration as we close and move forward.

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Hi all! I am brand new to the forums and have been thoroughly impressed with the amount of helpful advice floating around here. I'm leaving a few questions for anybody out here to chime in on. I am grateful for all help and input!

My wife and I just purchased a Duplex and we intend to occupy one unit. The second unit is currently rented m2m and the former owners didn't get a deposit from the tenant. He isn't our ideal tenant and the rent is 15-20% lower than our target for the unit.

If he would like to stay, we intend to allow it for now and arrange with the tenant to pay their security deposit in 10% increments. What kind of legal docs do you suggest generating in this case? Can it be built into a new lease agreement to simplify?

Hopefully this isn't too complex and we can expand on the conversation for others benefit as well! Other questions I have I will create new posts. Thank you to all who read and comment :)

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All Forum Posts by: Ezra Richardson

Ezra Richardson has started 1 posts and replied 2 times.

Post: Generating Legal Documents for a Rental Business

Post: Generating Legal Documents for a Rental Business