Buying a home that has a renter in it.

[gabster54]

SC. I am buying a home that has a family in there renting it. Their lease will be finished one day after i close on this house. i am going to give them a 60 day notice to move out. I was given the management company through which they rent by the sellers agent, and they have given me a copy of the lease agreemement. but the management company says that unless i am planning on using them, they would no longer have any business with these renters (i am not planning on using them). i would like to see the contract between the owners and the management company, but the sellers agent says she is not sure that the seller will give me a copy? I am just trying to do right by the people who are renting in there and not sure what to do?

 

[Zigner]

Have you talked to them?

 

[adjusterjack]

Their lease will be finished one day after i close on this house.

Holy crap. You didn't think to schedule close of escrow for the day after the lease expired and make it a condition in the contract that the seller's have them out by close of escrow?

i would like to see the contract between the owners and the management company, but the sellers agent says she is not sure that the seller will give me a copy?

You should have put that in your purchase contract as well.

I am just trying to do right by the people who are renting in there

If you had done this deal right in the first place, you wouldn't have any obligation to "do right" by the tenants.

not sure what to do?

Pray that you don't get stuck with tenants for 6 months along with eviction costs.

 

[Whoops2u]

I don't think I would ever buy a single property without having full possession immediately after closing. As /u/adjusterjack wrote, there are potential problems. When those problems affect the entire income flow, problems are worse. (It is easier to deal with a 10% reduction in rent than a 100% reduction.) On larger, multiple-unit properties, I have exchanged into or purchased with tenants in them many times. We do due diligence before closing to get all the contracts and agreements for review to know what we are getting into. Because you didn't, /u/Zigner wrote what your first step probably should be. Go talk to the tenants and see if there is going to be a problem. If it seems there will be, you might want to trade them some cash for their keys rather than litigate it.

 

[HRZ]

I think you are certified NUTS to close before the unit is empty and surrendered to owner and Inspected .... I would scramble to find a reason to delay .

THere might be satisfactory reason to have a potential hold over tenant ...but so far you have yet to post a single one ....and tenants have a pile more rights than a mere new owner .

 

[justalayman]

SC. I am buying a home that has a family in there renting it. Their lease will be finished one day after i close on this house. i am going to give them a 60 day notice to move out. I was given the management company through which they rent by the sellers agent, and they have given me a copy of the lease agreemement. but the management company says that unless i am planning on using them, they would no longer have any business with these renters (i am not planning on using them). i would like to see the contract between the owners and the management company, but the sellers agent says she is not sure that the seller will give me a copy? I am just trying to do right by the people who are renting in there and not sure what to do?

You have no right to a copy of the contract between the seller and the management company. It is irrelevant to your contract to purchase the property. You do have a right to the contract between the tenant and the owner though. This and the laws of landlord tenent relwtionships is what will control what you are able to do in this situation.