Posted by Jennifer(NH) on October 14, 1998 at 15:45:10:
Yes, they would have a legal obligation to pay you the rent. If I bought a building that had leases in place I would legally would have to honor those leases and the tenants would have the obligation to continue abiding by the lease.
When you sign the L/O agreement with the seller, I would go see the tenants and introduce yourself either as the new owner of the property or as a property manager. It’s really none of their business what kind of deal you made with the out of state owner. You just want them to know that they are to call you now with problems etc. If you introduced yourself as the owner you could then bring up the idea of lease/optioning to them.
I am currently negotiating a l/o deal with a home owner.
He lives in Texas and the home is in NC(Tired landlord). He currently has
tenants in the home and their lease is through April.
If I l/o this home can he void their lease, with their consent,
and then I have them sign a new lease with me. My rent to him
is going to be $600/mo and he’s getting $700/mo from tenants.
I’m going into this deal with no money at all so I don’t care
about letting tenants stay until April. Then I would either l/o
the home to them or to someone else.
Posted by Jennifer(NH) on October 14, 1998 at 13:55:09:
With the tenants consent you can do this. However, why involve the tenants. Why not just do the L/O deal with the seller knowing that your worst case is that you will just have to abide by the lease the tenants signed, best case is these tenants want to L/O the house from you and you rewrite the lease etc.
If I would just leave the current lease as is, would I collect the rent from that point or would the homeowner. The thing I am wondering is would the current tenants have any obligation to pay ME the rent.
Posted by Michele(MI) on October 14, 1998 at 21:44:56:
Have the seller’s fill out an assignment of
lease document. Get one at a title company
or possibly one on this site. Seller’s will mail
one to the tenant (copy to you) authorizing them to pay
their rent to you.