Tenant occupied purchase

[KateLee]

What is the name of your state (only U.S. law)? Georgia
We are in the process of purchasing a tenant occupied duplex. We are planning on keeping the tenants and have received a copy of the current lease.
My question is can we create a new lease with the same information or do we have to use the old one?

 

[Who's Liable?]

Why would you re-type the existing lease?

 

[sandyclaus]

What is the name of your state (only U.S. law)? Georgia
We are in the process of purchasing a tenant occupied duplex. We are planning on keeping the tenants and have received a copy of the current lease.
My question is can we create a new lease with the same information or do we have to use the old one?

In most cases, the existing transfers with the property to it's new owner. Same terms, same rent payments, same everything - except that rent is now payable to the NEW owner and not the old one.

You can only create a new lease upon the expiration of the existing one. I suggest you review those current leases (or have an attorney do that for you) to know just what your obligations and agreements are with these tenants. Pay close attention to any automatic renewal clauses, because they would ALSO take effect unless you change the existing lease terms upon the current expiration of same.

 

[atomizer]

Before you decide to keep them. Determine what kind of rental agreement they have. find out if they are often late with their rent, and whether they are good renters. Take inventory of what is your property such as dishwasher, washer and dryer, stove, etc. Take pictures of your property. If they are month to month renters, or if their lease has expired, then you can have them sign a new lease.
Have the lease reviewed by an attorney. You might also want to ask a few of the neighbors what kind of tenants they are before you renew.