Posted by Kent C on January 26, 2002 at 05:21:58:
I have written into my lease, that I can terminate the lease upon giving the tenant 30 days notice. 30 days is the minimum in Oklahoma.
rental tenant contract? - Posted by jkf
Posted by jkf on January 25, 2002 at 07:47:57:
I have a motivated seller who is giving me a deed to his home with $25,000. worth of equity and is $2,000. behind on payments. The reason he fell behind on his payments was because a tenant walked on him in the middle of the night. He had the property listed with a Property Manager who took three months to find another tenant. The seller is mad at the property manager because the first tenant he found walked away in the middle of the night and it took him three months to find another tenant. The seller imformed the Property Manger that he was fired and new owner(myself) was taking ownership of the house. The Propery Manager had no problem with the firing but he imformed the seller that he cannot remove the tenant because of the law in the state of NC says the tenant can stay until the contract ends (DEC 2002). The house has a $100. casflow per month excluding hiring a property manager. However, I would like to remove the tenant and bring in my own tenant buyer. Should I rehire the current Property Manager and wait until the current tenant lease expires in DEC 2002? Can I give the seller a 30 day notice that I am selling the house or should the current owner give the seller a 30 day notice? I would appreciate your advise. Thanks
Re: rental tenant contract? - Posted by Robert (NC)
Posted by Robert (NC) on January 25, 2002 at 09:50:18:
Check the Lease… The lease I’m taking to my lawyer next week as a clause that says I can terminate the lease with 45 days written notice, also list all the reasons the lease can be terminated. I do have to make sure all this is ok in NC, since I’m just starting out in NC myself. However, I have seen other leases in NC that allowed the lease to be terminated with either a 30 or 45 day written notice.
Let us know what you find out…
Robert
Re: rental tenant contract? - Posted by Jim Kennedy - Houston, TX
Posted by Jim Kennedy - Houston, TX on January 25, 2002 at 08:44:20:
Review the landlord/tenant laws in your state and read the lease. More than likely, the Property Manager is correct and a new owner has to honor any existing lease. Usually leases are written in such a way that the tenant would have to be in default of payment or in breach of a condition in order for the property owner to remove the tenant. On the other hand, property management agreements don’t usually survive a sale. Read all the documents pertaining to the property – the lease, the property management agreement, etc.
Should you rehire the Property Manager? Why on earth would you want to in light of the horrible recommendation the prior owner gave? Do you expect that he’ll do a better job for you than he did for his prior client? I doubt it! With that said, keep in mind that I don’t know your local market. Maybe three months is an average vacancy period. I’d be very surprised if that were the case. Also, I don’t know if there was anything beyond the PM’s control that prevented him for releasing the property in a reasonable time frame, i.e. the property didn’t show well, needed repairs, rent too high for the market, poor owner cooperation, etc. But based on the information at hand, I sure wouldn’t hire this guy.
Hope this helps.
Best of Success!!
Jim Kennedy,
Houston, TX