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Posts: 3
Reply with quote  #1 

I am a first time buyer and in a process of buying a unit is already leased by the seller for 12 months (lease expiring in December)...what are my recourse on the I have to accept it as is (I haven't seen the agreement yet)...can I ask tenant to fill out a new application? if I don't agree with the terms in the existing lease do I have to accept it...can I setup a new lease with the tenant...I would really appreciate if you can shed some light on it or point me to a site where I can find this information...the property is in Orange County, CA...thanks!!!


Posts: 3,817
Reply with quote  #2 
As part of the offer on the property you should request copies of all the existing tenant's paperwork (lease, payment records, personal information, copy of application, etc.) and state that the offer is pending approval of this (just as you would state it is pending an acceptable inspection report).  You can request this infromation prior to even making an offer - or at least a copy of the lease.  You cannot force an existing tenant to sign a new lease with you when they already have one.  You can request their application and personal information from the previous owner.  Be sure to get all this information and their deposit (along with any applicable interst) at closing OR DON'T CLOSE ON THE PROPERTY until you do. I'm very serious about this.  Refuse to close until you get these things and don't take promises that they will send it later.  Reschedule closing for when they have them ready to hand to you.  This is to protect yourself from unscruptulous sellers.

You must be very careful when you buy a property with an existing tenant.  Sometimes the tenant is a PITA and that is why the owner is selling the property.  Get copies of everything.

Posts: 3
Reply with quote  #3 

thanks...really appreciate your is very helpful...

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