OfflineI am meeting with a homeowner who is very interested in me doing a lease option with her. The good news is there is already a tenant in place and and one in line after this current lease expires.
My question is, should I have the tenant sign new sublease agreement, make an addendum, etc. If someone could help me out with this that would help a lot. Also, is there anything I need to write in the contract with the seller that says something about the current tenant.
thanks
Shane Redman
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Shane I think you have to honor the current lease untill it expires.
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http://rochesterapartmentrentals.com/?page_id=10
i think you have to honor that lease until it expires then you can change it, ask them to leave whatever you want.
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correct. When you buy a property with a tenant, the current lease is the guiding force of the relationship. However, you could present a new lease to your tenant and ask if they wanted to sign it. Quite honestly, they may feel that they have to do it. But don't push it. If there is no lease then perhaps you can give the tenant a 30 day notice and upgrade the rent with a new tenant. Or if you give them a 30 day notice that may spur them to enter into a new lease if you want one with them. Please check with your state and local laws regarding landlord-tenant law BEFORE you become a landlord. It is not something you want to do as on the job training. And please remember, I am not an attorney but I did sleep at a Holiday Inn Express!
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1 and 1. Are you totally confused?
I think, they are both right. Get the lease from the gal and review it, so you know what your rights and responsibilities are. Good new is that the tenant has to abide by the terms, too.
Great job and good luck.
Dana w/ Crossroads Solutions LLC
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Thanks everyone for info
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