When changing ownership on a piece of real estate property, Can you kick out old tenants?
My friend is buying a piece of realestate (multiplex) with tenants with one year leases. He wants to move in immediatly. Can he cancel old leases and kick them out or what because he will be the new owner of the property?
No, he cannot automatically change any existing leases. How would you feel if it were you. When you buy a property you also buy any existing leases and they must be honored to the fullest extent.pp
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December 16th, 2009 at 4:30 pm
in most places NOPE
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December 16th, 2009 at 5:06 pm
are they on a lease depends on the state law ever state is different findlaw.com under land lord tennant
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December 16th, 2009 at 5:11 pm
There is a proper procedure for this, it will have to be stated in the contract at closing whether or not the tenants will carry over the contract to your friend the new owner. Also he will have to wait a certain period and evict them legally which has to be done through court usually. But he should be a nice guy and just say, that he would like them to move if he doesn’t have to honor the contract.
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December 16th, 2009 at 5:33 pm
he must honor them and get the money for them being there
or he can pay them off
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December 16th, 2009 at 6:13 pm
its very hard in fact if they are section 8 is gonna be harder and you might need to hire a lawyer but, finally you can get rid of them of course you are gonna spend some time and money.
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December 16th, 2009 at 6:26 pm
No. (answer is dependant on state laws however.)
3. Can a new owner evict existing tenants? A month-to-month tenancy can be terminated at will with proper notice while a lease generally can’t be terminated until the term ends. An owner can evict lessees by negotiating a lease buyout agreement. "[The owner] would need to work out a deal [with the tenant]. Striking a deal might be difficult, depending on the rental market [because] the tenant will want to rent a comparable place. The owner can’t [evict] tenants who have leases because the owner has a contractual duty to supply them with housing," explains Janet Portman, an attorney and co-author of three landlord-tenant guides from Nolo Press in Berkeley, California.
http://www.realtor.com/basics/multifamily/tenants.asp?poe=realtor
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December 16th, 2009 at 6:43 pm
Nope. The lease remains in force. He has to either let their leases expire (and give them the proper notice to vacate), or offer to buy them out.
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December 16th, 2009 at 7:24 pm
No, he cannot automatically change any existing leases. How would you feel if it were you. When you buy a property you also buy any existing leases and they must be honored to the fullest extent.pp
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