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.