Posted by River City on February 06, 2004 at 14:29:11:
Ask him for a copy of his rental agreements with the current tenants. Is there an escape in these agreements? If they are on month to month, it seems that you should be able to give them a reasonable notice to vacate. In my opinion, six months is stretching the reasonable notice period. I would say 60-90 days.
Seller’s inability to deliver on agreement - Posted by Steve
Posted by Steve on February 06, 2004 at 14:23:12:
I bought a property that is currently rented out by the owner with the understanding the he could give the renters 30 days notice to vacate, which I asked that he do.
Three weeks before closing he notified my agent that he was unable to break the rental agreement, and the renters would need to stay for an additional 6 months. My current lease is up, and I fully intended to move in upon closing. Futhermore, the property has appreciated to the point that the rent he currently gets would not come close to covering my mortgage payment.
I do not want to terminate the deal.
Do I have any recourse?
Thanks - Steve