renters not cooperating

[spigrandma]

I am retired and purchased a property to have as rental for vacationers. At closing I was handed two leases from the previous owner, he had rented two of the four units to other people and they have 6 months left. I do not want these renters, am I obligated to his lease, or do I need to issue a new lease to these people with my terms. I am in Texas.

 

[HomeGuru]

You were given the leases at closing?
when I purchase apartment buildings I get copies of the leases months before closing along with a rent roll, delinquency list, list of repairs and maintenance, security deposits etc.

If you are going to be an astute landlord you must learn the applicable laws. In all States, when the property is sold on a standard sale, all fixed term the tenant leases survive the sale. This means that the existing leases stand and must be honored by the new property owner.

I surely hope that the previous owner transfered to you the tenants security deposits.

 

[Jack Mevorach, Esq.]

One way or the other, you're probably bound to honor these tenancies.