Posted by Randy (SD) on January 23, 2004 at 10:28:36:
The current tenants have a valid lease and you are obligated to honor it. You cannot raise the rent, you cannot evict the tenants (unless they default on the rent) so basically you buy the house you buy the tenants. You?re only option is to honor the current lease until June at which time you can decline to renew the lease or raise the rents.
Tenant Question - Posted by Kevin (NJ)
Posted by Kevin (NJ) on January 23, 2004 at 10:20:29:
Folks,
I wanted to make an offer to a SFH that already has tenants living in there. The seller has stated that he would not take the responsibility to vacate the premise at closing, which means that I will have to deal with the tenants myself if I were to buy the house. The tenants currently pay rents that are at least 20% below market rate. The lease is up June of this year. My question is that what are my options in terms of getting the tenants out so I can put my own tenants in, or raising the rents to market rate if they refuse to move out. The house is located in New Jersey. I already live in a house near by so claiming owner occupied is not an option.
Thanks in advance for your help!
Kevin